Hoyts

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The Hoyts Group
Subsidiary
IndustryFilm exhibition, film distribution, cinema advertising
Founded1908; 111 years ago (1908)
HeadquartersSydney, Australia
Area served
Australia, New Zealand
Key people
Damian Keogh (Group CEO)

Stephen Watson (Group CFO)

Guy Burbidge (MD – Val Morgan)
ProductsHoyts Cinema
Number of employees
Estimated 4000
ParentWanda Group
Websitewww.hoyts.com.au
The entrance to HOYTS Green Hills that opened in 2018. The seven-screen cinema has powered recliners in every seat, and in every cinema including two Xtremescreens with Dolby Atmos surround sound and our premium dine-in cinema experience HOYTS LUX.

The Hoyts Group of companies in Australia and New Zealand comprises Hoyts Exhibition and Val Morgan. Hoyts has more than 450 screens and 55,000 seats, making it Australia's second largest movie exhibitor after Event Hospitality and Entertainment. Val Morgan is a supplier of screen advertising in cinemas and on digital billboards.

In 2015, Hoyts was acquired by a Chinese conglomerate, the Wanda Group.

History[edit]

At the start of the 20th century, dentist Arthur Russell bought a share in a small touring tent show incorporating magic and moving pictures. Russell also performed shows at St George's Hall in Bourke Street, Melbourne, and in 1909 moving pictures was the only attraction. Russell eventually negotiated a long lease for St George's Hall with the purpose of opening a Picture Palace called Hoyt's Pictures. By the time he died at the end of World War I, Hoyts had expanded into the suburbs of Melbourne and into Sydney.

In 1926, Hoyts and two other companies, Electric Theatres Pty. Ltd. and Associated Theatres Pty. Ltd., merged to become Hoyts Theatres Limited. In 1930, the Fox Film Corp. (now Twentieth Century Fox) acquired a majority of shares in Hoyts Theatres Ltd.[1]

In August 1982, Twentieth Century Fox sold Hoyts to Stardawn Investments, a group of four Melbourne businessmen. In April 1985, the Fink family subsequently bought out the other partners to become the sole owner.

In 1987, the corporation was restructured and two of the companies in the corporation were listed on the Australian Stock Exchange: Hoyts Media and Hoyts Entertainment. However, the company that owned the cinemas, Hoyts Cinemas, was not floated until 1996. The years between 1987 and 1996 saw Hoyts expand in Australia, New Zealand and the United States.

Following Leon Fink's death in 1993, the Hoyts organisation was sold to Hellman & Friedman and Lend-Lease. The company eventually went public in 1995.

In 1999, Hoyts celebrated its 90th anniversary and was ranked the seventh largest cinema exhibitor in the world. In the same year, the late Kerry Packer's private family company, Consolidated Press Holdings, bought the chain for $620 million. After that, Hoyts began to sell off international cinemas except for some New Zealand cinemas.

In 2004, it joined forces with Village Roadshow and Amalgamated Holdings Limited to bail out Val Morgan Cinema Advertising, eventually taking their stake to 100% in 2005. In December that year, Publishing and Broadcasting Limited and West Australian Newspapers purchased the company from Consolidated Press.

In 2007, Hoyts was sold to Sydney-based private equity firm Pacific Equity Partners. The sale valued the company at A$440 million.

In 2008, Hoyts announced a takeover bid for Australian Multiplex Cinemas (AMC). The purchase did not proceed, although at the time Hoyts still hoped to return to Queensland, where previously they had owned theatres in Brisbane and a three cinema complex in Surfers Paradise on the Gold Coast. In 2010, Hoyts acquired AMC as well as the Berkeley Cinema Group in New Zealand.

In June 2014, plans were shelved to start a video streaming service.[2][3]

In December 2014, Hoyts was bought by Chinese billionaire Sun Xishuang, through his investment company ID Leisure Ventures. Hoyts Group CEO Damian Keogh was appointed to the role in 2014.

In June 2015, Wanda Cinema Line, a subsidiary of Dalian Wanda Group, purchased Hoyts from ID Leisure Ventures.[4]

In 2018, Hoyts Kiosk DVD vending machines were rebranded as Video Ezy after the group sold its subsidiary.[5]

Hoyts Distribution[edit]

Hoyts Distribution was the film distribution arm of the Group until 2012. It existed in its own right in the 1980s- early 1990s, and was later merged with the distribution operations of Sony Pictures and Twentieth Century Fox. In 2002, the company was brought back to life, distributing primarily films produced by Nine Films and Television, Channel 9's film production arm, and major independent studios, such as Lions Gate Entertainment. In July 2012 it was acquired by StudioCanal.

Val Morgan[edit]

Current logo of Val Morgan.

Val Morgan was created by Valentine (Val) Morgan and specialises in advertising on cinema screens. Val Morgan's sister company, Val Morgan Outdoor (VMO), operates advertising screens in shopping centres, gyms, service stations and office towers, as well as outdoor digital billboards.

In 2019, a joint venture was formed to advertise on cinema screens in Saudi Arabia, as part of the group's expansion across the Middle East.[6]

See also[edit]

References[edit]

  1. ^ "[headline unknown]". The Argus. 3 September 1930. p. 9.
  2. ^ Adhikari, Supratim (18 June 2014). "Hoyts Stream online video service on thin ice". The Weekend Australian. News Corp Australia. Retrieved 15 September 2019.
  3. ^ Colley, Andrew (19 May 2014). "Online video-streaming service Hoyts Stream to launch this year". The Sydney Morning Herald. Fairfax Media. Retrieved 15 September 2019.
  4. ^ Frater, Patrick (2 June 2015). "China's Wanda Buys Australia's Hoyts Multiplex Chain". Variety. Penske Media Corporation. Retrieved 14 September 2019.
  5. ^ Duke, Jennifer (5 January 2018). "Hoyts DVD vending business to be swallowed by rival Video Ezy Express". The Sydney Morning Herald. Nine Entertainment Co. Retrieved 15 September 2019.
  6. ^ Allison, Austyn (25 August 2019). "MUVI Cinemas partners with Motivate Val Morgan for screen advertising in Saudi Arabia". Middle East Campaign. Haymarket Business Media. Retrieved 14 September 2019.

External links[edit]