Acquisition of a Dynamic Arthouse Cinema in Hobart, Tasmania by Reading International, Inc.
04 December 2019 - 12:00AM
Business Wire
Reading International, Inc. (NASDAQ: RDI) (“Reading”) announced
that as of today, it is honoured to take over the operation of the
iconic State Cinema in Hobart, Tasmania. The State Cinema has been
a vibrant part of the cultural life of North Hobart for over 100
years. Today, due to the hard work of local visionary businessman
John Kelly, the State Cinema features ten screens, a rooftop cinema
and bar, a large café and an independent bookstore. For decades,
the State Cinema has been exhibiting a range of specialty films and
is known as one of Australia’s most prolific arthouses in terms of
both range of programming and box office.
The acquisition of the State Cinema in Hobart represents
Reading’s first international step into the arthouse and specialty
cinema space. The State Cinema will join a strong portfolio of
specialty cinemas in the United States, whose foundation is the
Angelika Film Center & Café in New York City, which continues
to be one of the highest grossing dedicated arthouses in North
America.
This acquisition is Reading’s second cinema acquisition in
Tasmania in 2019. During the first quarter of 2019, Reading
purchased the CMax Cinemas in Devonport, which has since been
rebranded Reading Cinemas Devonport. With these two cinemas,
Reading represents the second largest exhibitor in terms of box
office in Tasmania
About Reading International,
Inc.:
Reading International (http://www.readingrdi.com) is a
publically listed company in the United States (NASDAQ: RDI), which
is in the business of owning and operating cinemas and developing,
owning and operating real estate assets. Our business consists
primarily of the development, ownership and operation of cinemas in
the United States, Australia and New Zealand; and the development,
ownership and operation of retail and commercial real estate in
Australia, New Zealand and the United States, including
entertainment-themed retail centers in Australia and New Zealand
and live theater assets in Manhattan and Chicago in the United
States.
Reading manages its worldwide cinema business under various
different brands in the United States, under the Reading brand
(http://www.readingcinemasus.com), Angelika Film Center brand
(http://www.angelikafilmcenter.com), Consolidated Theatres brand
(http://www.consolidatedtheatres.com); and City Cinemas brand
(http://www.citycinemas.com). In Australia, Reading owns and
manages the Reading brand (http://www.readingcinemas.com.au); and
in New Zealand, the Reading brand (http://www.readingcinemas.co.nz)
and Rialto (http://www.rialto.co.nz) brands. Its live theatres
operate under the Liberty Theatres brand
(http://www.libertytheatresusa.com).
Forward-Looking
Statements
This press release contains certain statements that are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such statements are qualified by the inherent
risks and uncertainties surrounding future expectations generally
and also may materially differ from actual future experience
involving any one or more of such statements. Such risks and
uncertainties include the possibility that the actual market share
of the acquired cinemas and anticipated reduction in the
acquisition financing will differ from these forward-looking
statements, as well the risks and uncertainties set forth from time
to time in Reading's filings with the Securities and Exchange
Commission. The inclusion of a forward-looking statement in this
press release should not be regarded as a representation by Reading
that its objectives will be achieved. Reading undertakes no
obligation to publicly update forward-looking statements, whether
as a result of new information, future events, or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191203005380/en/
Investor Contacts: Reading
International, Inc. Gilbert Avanes, Executive Vice President, Chief
Financial Officer and Treasurer Andrzej Matyczynski, Executive Vice
President for Global Operations (213) 235-2240
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