Russian private equity firm UFG Private Equity together with Shari Redstone has bought out Rising Star Media that operates Kinostar De Lux chain of movie theaters in Russia from National Amusements, Inc and Soquel Ventures of Paul Heth.
KinoStar De Lux cinema chain includes six multiplex movie theaters with a total of 74 screens in Moscow and St. Petersburg. According to newspaper Kommersant, the Kinostar movie theaters generate annual revenues of almost $50 million. The chain could be valued at about $30 million.
Rising Star Media was launched in Moscow in 2002 by American entrepreneur Paul Heth as a joint venture with National Amusements, Inc. President of National Amusements, Shari Redstone helped to launch the cinema chain at the time.
In early 2008, A1 Group of Russia acquired Turkish cinema chain AFM Cinemas.