Cinemark buys Argentina screens

BUENOS AIRES - Cinemark Holdings has acquired 95 screens in Argentina from Hoyts General Cinema South Usa being the nation's leading exhibitor as box office sales grow. The Texas-based company stated it acquired the screens in 10 multiplexes in Buenos Aires, Cordoba and Salta to have an undisclosed sum. The vendor was Chilean resource management company Linzor Capital Partners, which bought the screens in 2007. This boosts Cinemark's screen count to 185 in 20 plexes in Argentina for any 39% share of the market. Cinemark Boss Alan Stock stated inside a statement the move is a component of the technique to expand in Latin America through purchases by building screens. Cinemark presently has a lot more than 1,250 screens in Latin America, one fourth of their worldwide total. The acquisition may come as B.O. in Argentina develops. Admissions are required to grow 7.9% to 41 million admissions this season -- the very best performance since 2004 -- from 38 million this year, while gross will grow 32% to $215 million within the same period, based on estimations. A strong economy -- it's growing at 6%-7% this season -- and rising wages are offsetting concerns about 22% annual inflation they are driving the development, assisted with a increase in three dimensional tests that carry greater ticket prices. Contact the range newsroom at news@variety.com