The Hindu Business Line : Pyramid Saimira enters US market; acquires FunAsia

CHENNAI: Theatre chain major Pyramid Saimira Theatre Limited (PSTL) has entered the US market with the acquisition of Texas-based FunAsiA through its subsidiary Pyramid Saimira Entertainment America, targeting 80 to 90 per cent of share in the Asian film market.

As the US and Canada were the second major overseas market for Hindi and South Indian films, the company had planned to set up 60 screens at 15 locations in those countries by the end of the current fiscal, Mr P S Saminathan, Managing Director, PSTL said here today.

Declining to divulge the value of the acquisition, he said FunAsiA complexes included a total of 17 screens with 4,765 seats and catered to South Asians in North America.

The PSTL would make a foray into the UK market in Q3, he added.

The company had also acquired an existing theatre and radio drive-time hours in Chicago and radio time in Houston, taking the total number of screens under the Pyramid Saimira banner to 703 across the globe.

He said the PSTL was not just focusing on film screen entertainment in the US but a wholesome environment including food and beverages (F&B), DVD, radio channel and community magazine, besides video matchmaking service.

Stating that the PSTL had targeted a revenue of Rs 250 crore from F&B sales in its theatres across India, Mr Saminathan said the company was looking at $one billion-turnover in F&B segment globally by 2010.

The company was also planning 10 food courts, each at an investment of Rs 1.5 crore, at its multiplexes in India, he added. - PTI

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