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Cinema City International

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Cinema City
Company typeSubsidiary
IndustryEntertainment and media
Founded1929; 96 years ago (1929)
FounderMoshe Greidinger (senior)
Headquarters
Rotterdam
,
Netherlands (registered office)
Area served
Central and Eastern Europe, Israel
Key people
Mooky Greidinger (CEO)
ServicesMovie theaters
Revenue€267.45 million (2011)[1]
€24.72 million (2011)[1]
€21.37 million (2011)[1]
Total assets€340.24 million (2011)[1]
Total equity€229.30 million (2011)[1]
OwnerCineworld Group plc
Number of employees
4,000
SubsidiariesForum Film, New Age Media
Websiteen.cinemacity.nl
IMAX theatre in Prague
Cinema City in Prague
Rav-Chen Cinema in Tel Aviv

Cinema City is a Rotterdam-based cinema operator. Owned by Regal Cineworld and first established in Haifa, Israel, it operates 99 multiplexes and 966 screens across Central and Eastern Europe under the Cinema City banner, and in Israel under the Planet and Rav-Chen banners; it is the third largest film exhibitor in Europe. It also conducts film distribution via its subsidiary Forum Film, and cinema advertising via its subsidiary New Age Media.

Cinema City International also has real estate holdings in Bulgaria, Israel and Poland, including the Mall of Rousse and other plots of land in Bulgaria, plots of land designated to develop an amusement park in Poland, an indirect interest of 39.78% in Ronson Europe NV and an office building in Herzliya, Israel and five other properties in Israel. In 2014, Cinema City International sold its cinema business to British exhibitor Cineworld for approximately £503 million, with the company retaining its real estate assets and taking an approximately 25% minority stake in Cineworld Group.

History

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The Greidinger family, the majority owners of Cinema City International N.V., started their cinema business in Haifa, Israel, Moshe Greidinger (grandfather of the company's current CEO also named Moshe Greidinger) started building his first cinema in 1929, which was opened in 1931 as Ein Dor.[2] In 1935, he opened his second cinema in Haifa, Armon Cinema (palace in Hebrew), a large art-deco building that contained 1,800 seats. Armon Cinema became the heart of Haifa’s entertainment district; due to its large capacity, the cinema was often used for performances by the Israel Philharmonic Orchestra and the Israeli Opera.[3]

In 1958, the family expanded to Tel Aviv, by acquiring the Chen cinema in Dizengoff Square. They expanded further by opening additional cinemas in Israel, among them the Armon Cinema in Ramat-Gan in the mid 1960s. In 1967, the family entered the film distribution business when it acquired a company named Forum Film. In 1982 the "Chen" cinema was turned into the first cinema multiplex in Israel.

International expansion

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In 1997, the international expansion of the business started, Cinema City International N.V. (CCI) was established and opened its first cinema in Budapest, Hungary, and by 2005 was the largest multiplex operator in Hungary. In 1999 CCI started in Poland and by 2005 had 12 multiplex theaters there. In 1999, CCI bought the only existing multiplex theater in Prague in the Czech Republic. It also operates multiplex cinemas in Bulgaria, Romania and Slovakia.[4]

In 2005, CCI opened its distribution office, Forum Hungary in Budapest. The company represents Disney, Spyglass and Revolutionary Releasing in Hungary. In the first six months of 2006 it became the second biggest film distribution company in the country.[4]

IPO on the Warsaw Stock Exchange

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In December 2006, Cinema City International had an initial public offering on the Warsaw Stock Exchange at a price of 19.30 zloty per share ($6.765), raising $106 million at a company value of $343 million after money. The underwriters of the initial public offering were Bank Austria Creditanstalt and ING Group. The company chose to list on the Warsaw Stock Exchange, since Poland became its major market, representing about 40% of the group's total revenues.[5]

Acquisition by Cineworld

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In January 2014, it was announced that British exhibitor Cineworld would acquire Cinema City's cinema business in a cash and stock deal valued at approximately £503 million, with Cinema City International taking a 24.9% stake in Cineworld and retaining its real estate assets.[6][7] Cinema City International CEO Mooky Greidinger was also named the new CEO of Cineworld as a whole.[8]

In December 2022, Forum Film and Greidinger were sentenced to fines and a six-month suspended sentence for violations of competition law relating to its 2010 acquisition of competing distributor Matalon; Forum had violated the regulatory terms of the merger by colluding against a competing cinema chain to prevent them from screening eight specific films distributed by the company.[8][9]

See also

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References

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  1. ^ a b c d e Cinema City International N.V. Annual Report for the year ended 31 December 2011[permanent dead link]
  2. ^ "How COVID-19 Dethroned the Would-be King of the Israeli Cinema World". Haaretz. Retrieved 2021-11-23.
  3. ^ "Armon Cinema Ha'Nevi'im Street, Haifa". Cinema Treasures. Retrieved 14 April 2012.
  4. ^ a b "Cinema City - Company History". Archived from the original on 2013-05-20. Retrieved 2012-04-15.
  5. ^ "Cinema City Warsaw IPO based on $343m value". Globes. 3 December 2006.
  6. ^ "Cinema City and Cineworld combine cinema businesses". Cinema City. 2014-01-10. Archived from the original on 2014-01-10. Retrieved 2014-01-10. Moshe Greidinger will head Cineworld as CEO and Israel Greidinger will be the COO of Cineworld. Cinema City will retain its real estate business, which will not be transferred to the combined company.
  7. ^ "UK group to merge with Cinema City International". Polskie Radio. Polskie Radio. 2014-01-10. Retrieved 2014-01-10. Under the terms of the deal, Cineworld will purchase about 100 multiplexes from CCI for 503 million pounds. However, CCI will maintain a 24.9 percent stake in the combined business.
  8. ^ a b Frater, Patrick (2022-12-13). "Cineworld CEO Mooky Greidinger Given Suspended Jail Sentence in Israel". Variety. Retrieved 2025-07-29.
  9. ^ Dams, Tim. "Cineworld boss Mooky Greidinger handed suspended jail sentence in Israel". Screen. Retrieved 2025-07-29.
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