Hoyts
From Wikipedia, the free encyclopedia
| The Hoyts Group | |
|---|---|
 |
|
| Type | Private |
| Founded | 1926 |
| Headquarters | Sydney, Australia |
| Area served | Australia, New Zealand |
| Key people | Delfin Fernandez (Group CEO), Robert Slaviero (CEO - Hoyts Distribution), Graeme Yarwood (CEO - Val Morgan) |
| Industry | Film Exhibition, Film Distribution, Cinema Advertising |
| Parent | Pacific Equity Partners |
| Website | www.hoyts.com.au |
The Hoyts Group is an Australian company consisting of Hoyts Exhibition, Hoyts Distribution and Val Morgan.
Hoyts Exhibition manages 450 screens across 40 Australian and 9 New Zealand cinema complexes; making it Australia's second largest cinema chain. Val Morgan, the cinema advertising arm of the Hoyts group, dominates the cinema advertising market with over 95% market share. Finally, Hoyts Distribution is the largest independent film distributor in Australia; a business centred around the purchase of rights to, and subsequent management of, distributing indepenent films in Australia through theatrical, television and home entertainment channels[1].
The Hoyts Group is presently a wholly-owned subsidiary of the Sydney based Pacific Equity Partners[2][3].
In the exhibition business, the largest part of The Hoyts Group, their main rivals are Village, Greater Union and, to a lesser extent, Wallis Cinemas and Dendy.
Contents |
[edit] History
At the start of the 20th century—specifically, in 1909—Melbourne dentist Dr Arthur Russell, who was, in his spare time, a cornet player and a magician, purchased a share in a small American travelling circus, known as Hoyts Circus, and travelled with them as the resident magician. After a financially disastrous run, Russell returned to his work as a dentist.
Undeterred, he leased the old St. Georges Hall in Bourke Street, Melbourne(later known as the Hoyts Esquire), and began showing short films on Saturday nights. Unlike his previous venture, it was successful, and as a result, he formed a new company called Hoyts Pictures Pty. Ltd. 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 1932, the Fox Film Corporation (now Twentieth Century Fox) secured a major shareholding in the company.
In August 1982, Twentieth Century Fox sold Hoyts to a group of four Melbourne businessmen. In April 1985, the Fink family brought out the other partners to become the sole owner. The Finks began to expand the company, into areas such as film distribution, home entertainment, and cinema operations in New Zealand, USA, South America and Europe.
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 considerable expansion, so that by 1994, Hoyts was the 10th biggest cinema chain in the world and was owned by an American investment company—Hellman and Friedman—directors and senior management, and the Australian company Lend Lease Corporation.
In 1996, Hoyts Cinemas was floated and in 1999, the late Kerry Packer's private family company, Consolidated Press Holdings, bought the chain for $620 million (AUD$745.3 million). After that, Hoyts began to sell off cinemas. This trend began in 1999 when their Polish operations were sold, and in 2000 when their UK operations were also sold. In 2003, Hoyts sold its Hoyts America operations to Regal Entertainment Group and Hoyts was bankrupt..
In 2004, it joined forces with Village Roadshow and AHL to bail out Val Morgan Cinema Advertising, eventually taking their stake to 100% in 2005. In December that year, PBL and West Australian Newspapers purchased the company from Consolidated Press Holdings.
Hoyts currently has Australia's largest multiplex cinema screen, located in Hoyts cinema 5, Blacktown, Sydney NSW it measures 28 metres across.
On March 29, 2007, Hoyts opened their latest cinema in Sylvia Park[1], in Auckland, New Zealand - featuring what is now the largest 35mm film screen in the world[2] and bean bag seating.
In September, 2007, PBL and WAN sold each of their 50% shares in the Hoyts Group to Sydney-based private equity firm Pacific Equity Partners. The sale valued the company at $AU440 million[4].
[edit] Hoyts Distribution
Hoyts Distribution is the film distribution arm of the company. It existed in its own right in the 1980s-early 1990s, and was later merged with the distribution operations of Columbia Tristar 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 Films.
[edit] Hoyts Exhibition
Hoyts Exhibition, the largest and most well-known arm of The Hoyts Group, manages cinemas in five Australian states; the Australian Capital Terrirtory, New South Wales, South Australia, Victoria and Western Australia.
Hoyts Exhibition also operates 8 cinemas across New Zealand
[edit] Australian Locations
| ACT | NSW | SA | Vic | WA |
|---|---|---|---|---|
| Belconnen | Bankstown | Norwood | Broadmeadows | Carousel |
| Tuggeranong | Blacktown | Salisbury | Chadstone | |
| Woden | Broadway | Tea Tree Plaza, Modbury | Eastland, Ringwood | Garden City |
| Charlestown | Forest Hill | Millennium | ||
| Chatswood Westfield | Greensborough | Queensgate | ||
| Chatswood Mandarin | Highpoint | Southlands | ||
| Cinema Paris, Moore Park | Melbourne Central | |||
| Eastgardens | Northland | |||
| Entertainment Quarter, Moore Park | Victoria Gardens | |||
| Erina | Watergardens | |||
| Mt. Druitt | ||||
| Penrith | ||||
| Warringah Mall | ||||
| Wetherill Park | ||||
| Warrawong |
[edit] New Zealand Locations
| Auckland | Christchurch | Dunedin | Wellington |
|---|---|---|---|
| Sylvia Park | Moorhouse | Octagon | Regent on Manners |
| Wairau Park | Northlands | ||
| Regent on Worcester | |||
| Riccarton |
[edit] Defunct locations
Hoyts Lower Hutt closed on 6 February 2008 after nearly 50 years of operation.
Hoyts also operated the Mid City Cinema complex from the mid-1980s until it closed down in the early 2000s. The site was later redeveloped into Conservation House, the headquarters of the Department of Conservation.
[edit] Val Morgan
Val Morgan holds the advertising rights to virtually all advertising screens in Australia and almost all screens in New Zealand. In Australia, this includes the circuits of Hoyts, Greater Union, Village, Birch Carroll & Coyle, Wallis, Reading Cinemas, Australian Multiplex Cinemas, Skycity Cinemas, Regent Cinemas and the majority of independent cinemas[5].
In addition to on-screen advertising, Val Morgan is involved in such cinema-based advertising opportunities as co-branding, poster boxes, foyer displays and live advertisements[6].
Through a joint-venture with Motivate Publishing, the Gulf's leading publisher of magazines and books, Val Morgan has recently expanded its operations into the United Arab Emirates, representing the advertising interests of many key cinemas in the region[7].
[edit] Home entertainment
In the 1980s and early 1990s, Hoyts operated the local operations of RCA-Columbia Pictures Home Video, known as RCA-Columbia Pictures-Hoyts Home Video. It was later known as Columbia Tristar Hoyts Home Video, but Hoyts soon dropped out of the business. Hoyts Distribution releases are distributed on video and DVD by Sony Pictures Home Entertainment.
There was also four imprints the company had: First Release Home Entertainment, Video Box Office, Magic Window (children's videos) and RCA-Columbia Pictures International Video.
Hoyts also had a joint venture with Polygram, forming Hoyts Polygram Video at the around the same time as their joint venture with RCA-Columbia Pictures Home Video. Their only well known release was the film version of New Zealand comic strip Footrot Flats, entitled Footrot Flats: The Dog's Tale.
[edit] References
- ^ Pacific Equity Partners
- ^ Hoyts to be sold to private equity group - ABC News (Australian Broadcasting Corporation)
- ^ Pacific Equity Partners
- ^ Private equity firm swallows Hoyts Group - Breaking News - Business - Breaking News
- ^ Val Morgan Cinema Network - : History
- ^ Val Morgan Cinema Network - : Off Screen
- ^ Val Morgan Cinema Network - : History
[edit] External links
 |
This article or section needs sources or references that appear in reliable, third-party publications. Primary sources and sources affiliated with the subject of the article are generally not sufficient for a Wikipedia article. Please include more appropriate citations from reliable sources, or discuss the issue on the talk page. This article has been tagged since December 2007. |
