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Shari Redstone Sells Moscow Theaters to Russia’s Cinema Park

June 6 (Bloomberg) -- Cinema Park, Russia’s largest cinema chain, purchased Moscow exhibitor Rising Star Media from Shari Redstone, daughter of Viacom Inc. and CBS Corp. Chairman Sumner Redstone, for undisclosed terms.

The sale was completed last week, Rising Star said today in a statement. The company, which operates as Kinostar de Lux, generates more than $100 million in annual revenue, has 75 screens between Moscow and St. Petersburg and owns the five biggest-grossing locations in Russia.

Shari Redstone is president of National Amusements Inc., the theater chain and holding company for Sumner Redstone’s controlling interests in CBS and Viacom. Norwood, Massachusetts-based National Amusements entered the Russian market in 2002 and sold the Rising Star operation in 2009 to Shari Redstone, Paul Heth and investment banker Charlie Ryan.

Cinema Park was founded in 2002 and is part of ProfMedia Group. It owns 20 theaters in Russua with 169 screens in 15 cities.

National Amusements operates more than 950 movie screens in the U.S., the U.K. and Latin America.

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To contact the reporter on this story: Michael White in Los Angeles at mwhite8@bloomberg.net

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net

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