Finance Finance News Hoyts sold to Chinese billionaire

Hoyts sold to Chinese billionaire

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The Hoyts cinema chain has been sold to an investment company founded by Chinese billionaire Sun Xishuang.

Hoyts – which also includes a network of DVD and Blu-Ray rental machines, and the Val Morgan advertising group – was sold to ID Leisure Ventures for an undisclosed sum.

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ID Leisure is a Virgin Islands-based investment fund founded by Mr Sun, an entrepreneur who owns majority interest in the Dalian Yifang Group, a Chinese conglomerate, and other investments.

Hoyts chief executive Damian Keogh on Tuesday said his company looked forward to moving ahead with a new investor.

“Hoyts is embarking on a number of exciting opportunities and together with ID Leisure, we will continue to invest in the exceptional customer experience currently offered to 20 million attendees annually,” Mr Keogh said in a statement.

“Innovation and expansion will be a focus following the recent launch of Hoyts Lux, a new premium cinema experience which will be rolled out across Australia and Zealand.”

Hoyts cinemas includes 400 screens across Australia and New Zealand, rental machines in 650 locations and the Val Morgan cinema screen advertising operation.

Pacific Equity Partners acquired Hoyts in 2007.