Company briefs - 2011-03-24

  • 2011-03-23

Forum Cinemas screening director Rein Palosaar said that it is likely that, with the help of a new investor, Forum Cinemas will build more multiplex cinemas in Estonia, reports Postimees Online. The owner of Forum Cinemas, Finnkino OY, has decided to sell Forum Cinemas to Swedish investment conglomerate Ratos. The transaction will be complete in April, Palosaar said. The owner of Finnkino, Sanoma OY, has decided to focus on developing its main branches of activities. Forum Cinemas is Estonia’s largest film distributor and cinema operator. It holds distribution rights in Estonia of many large film companies including 20th Century Fox, New Line Cinema, UIP and many others and has four cinemas in Estonia, including the 11-screen multiplex Coca-Coca Plaza in Tallinn.

The annual budget for the Latvian ice hockey club Riga Dinamo is approximately 12 million euros, said the club’s chairman Juris Savickis in an interview with the weekly business newspaper Lietiska Diena. The club hopes that its results for the 2010/2011 season will “break even.” Out of this budget, approximately 8 million euros are for player salaries. The average salary for a player is 280,000 euros, while the club’s highest paid player receives a salary of 1 million euros. “It is not possible to make a profit from club hockey in Latvia. We constantly are looking for sponsors and cooperation partners to make ends meet. The club itself earns approximately 1/6 of its expenditures. The only profit we make during the season is from advertising and a bit from ticket sales,” Savickis said.