Cinema news

Forum Cinemas merges its Baltic business into a single company

Forum Cinemas that belongs to a Finnish cinema operator Finnkino, completed the merger of its Latvian, Lithuanian and Estonian businesses into a single company. The joint Baltic venture will be managed from Tallinn and in the future SIA Forum Cinemas will carry the name Forum Cinemas Latvian branch.

"Creation of a single company for the entire region means that at the group level the Estonian, Latvian and Lithuanian businesses will be treated as a unified whole and the performance of movie theatres will be evaluated on a consolidated basis," explained Kristjan Kongo, CEO in the Baltics at Forum Cinemas. "Since most of the management expertise was already concentrated in Estonia, it is only natural that the management of the entire Baltic market is entrusted to the Estonian office."

Kongo explained that merging the markets is commercially viable, as it allows the management to start implementing its vision across the Baltic region and to save on operating costs. "We shall avoid duplication of effort and, for instance, in marketing campaigns, the increase of volumes will provide significant savings," added Kongo, noting that the preferences of the Baltic movie fans are overlapping to a large degree.

"In fact, the pan-Baltic leadership has been introduced since the end of last year, and now we have also reached the stage of legal merger," said Kristjan Kongo.

Forum Cinemas operates three movie theatres in Estonia, one in Latvia and five in Lithuania. Last year the cinemas of the brand were visited ca. 5 million times. The turnover of the group exceeded 38.5 million euros and as of last year the company was employing 300 people in the Baltics.

Forum Cinemas AS is a part of the Finnish cinema operator Finnkino Group; in its turn, the latter belongs to the Odeon Group, which is owned by the US cinema chain, AMC. AMC is the biggest cinema chain in the US, its shares trading on the NY stock exchange. Finnkino Grupp operates movie theatres in Finland under Finnkino brand and in Estonia, Latvia and Lithuania under Forum Cinemas brand. Finnkino is also engaged in film distribution in Finland and the Baltic States.

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