Village Roadshow exits Greece

Two cinemagoers can be seen enjoying a movie in an empty theater in this file photo. Australia’s Village Roadshow said yesterday it has entered into an agreement to dispose of its cinema, film distribution and film production business in Greece to a private European investor for about A$80 million, depending on exchange rate movements. ‘The estimated profit on disposal arising from the sale is expected to be in the range of A$10-15 million,’ the company said in a statement, without giving any reasons for the sale. The deal is subject to regulatory approvals and is expected to be concluded by the end of the year. Apart from Australia, Village Roadshow has operations in its film distribution business in New Zealand and Singapore.