Leading Russian cinema chains Kronverk Cinema and Formula Kino will merge to form one company
Leading Russian cinema chains Kronverk Cinema and Formula Kino will merge to form one company

01.2012

A1, an investment arm of Alfa Group, has recently announced the acquisition of 55.66% of shares in the Formula Kino group. A1 already controls 100% of the shares in the Kronverk Cinema chain, which includes 19 cinemas with 130 screens, 113 of which are in Russia, and 17 of which are in Ukraine. Formula Kino has 14 cinemas with 90 screens. Combined, these two chains control the largest share of screens in Moscow, St. Petersburg, and Novosibirsk. These two companies control the second-largest share of screens in Russia as a whole. Kronverk Cinema and Formula Kino will merge to form one company by the end of the year. Preliminary findings put the chains combined 2011 earnings at approximately USD 200 million.

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