Wanda, the Chinese conglomerate that once threatened to take over Hollywood, has put up for sale the Hoyts cinema chain in Australia that it bought in 2015. Hoyts is Australia’s second largest movi…
Bidders are understood to have access to a “stapled debt” package if the potential buyer cannot arrange sufficient finance of their own. A first deadline for bids is set at the beginning of May, with final offers to be submitted by the end of June.
Sources close to the Australian company have since corroborated the information behind the offer. Wanda did not respond toThe sales process has been called ‘Operation Mario’ by Hoyts and the bankers, possibly a reference to the timing of the sale, as Universal’s “The Super Mario Bros. Movie” delivers record-breaking performances in many territories. In Australia, the film bounced to a five-day opening weekend of A$15 million .
Group revenues fell from A$593 million in 2019 to A$211 million in 2020, before recovering to A$335 million in 2021 and A$550 million in 2022, according to the documents. Revenues in the current year are forecast to hit A$638 million .
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