Cineplexx takes over cinemas at Delta City shopping centers in Belgrade, Podgorica - Austrian company to invest EUR 20 million in southeast Europe

Austria's Cineplexx cinema group has entered the markets of Serbia and Montenegro by taking over cinemas at Delta City shopping centers in Belgrade and Podgorica. Both cinemas are bought from a Greek media group and, for the needs of these acquisitions, Cineplexx has formed a joint venture with Belgrade-based MCF Film, in which it holds a 70-percent stake.

- After the opening of a Cineplexx cinema in Bolzano, Movieplex in Zagreb, and Cineplexx cinemas in Osijek and Split, these two new destinations represent the next step in the expansion of Cineplexx group - said CEO Christian Langhammer.

Cineplexx started its expansion to the southeast of Europe in 2008 in Croatia. By taking over cinemas in Belgrade and Podgorica, this Austrian group will be present in five locations on the territory of former Yugoslavia, with a total of 31 movie theaters and about 7,000 seats for viewers, reads the company's statement.

Within the next few weeks, new cinemas in Belgrade and Podgorica will be turned into Cineplexx movie theaters, which will be completely digitized and equipped to screen 3D movies. Cineplexx plans to invest about EUR 20 million in Slovenia, Croatia, Serbia, Montenegro, and Bosnia-Herzegovina until 2014.

Cineplexx will take over a cinema complex with six theaters in Kragujevac as early as next February and a seven-theater complex in Zagreb in March. In that way, at the end of the first quarter of 2012, the Austrian company will own eight or more large cinemas abroad.

Until 2014, as Cineplexx Finance Director Christoff Papusek announced, between two and three Cineplexx movie theaters should be opened every year.

- Our goal is to become the leader in the market in the Balkans - he stressed.