Founder of Apollo cinema chain: Ticket prices will not rise
The €65 million which is going to be paid for Forum Cinemas is reasonable and will not bring an increase in ticket prices, the founder of Apollo cinema business, Ivar Vendelin said in an interview with newspaper Postimees.
"It was a reasonable price and if someone is afraid that the purchase money should be earned back immediately and the prices of cinema tickets will be rise significantly, then I can promise something like this won't happen," Vendelin said.
"Our main goal is to strengthen our position in Lithuania. This was possible because Forum's US parent company AMC is in difficulties due to the very difficult situation in the American market," Vendelin explained.
Vendelin added that Tatjana Tolsataja, the owner of the competing cinema chain Cinamon, who warned everybody of a potential cinema monopoly, tried to sell the cinema chain last week.
Margus Linnamäe, the owner of AS Postimees Grupp, has a large stake in the Apollo cinema chain.
Investment company UP Invest, controlled by Margus Linnamäe, will acquire the Forum Cinemas movie businesses in Estonia, Latvia and Lithuania. The move expands on the group's holdings in Estonia alone, and is partly in response to decimated audience numbers during and after the coronavirus pandemic, the group says.
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Editor: Roberta Vaino
