Village Roadshow

Village Roadshow Limited (doing business as Village Roadshow), is an Australian company which operates cinemas and theme parks, and produces and distributes films. It is listed on the Australian Securities Exchange and majority owned by Village Roadshow Corporation, with members of the Kirby family in the top roles.

This article is about the Australian media company. For information about the cinema chain, see Village Cinemas.

Village Roadshow Limited
TypePublic
ASX: VRL
IndustryMedia, Entertainment
Founded1954 (1954)
FounderRoc Kirby
HeadquartersThe Jam Factory
South Yarra, Melbourne, Victoria,
Australia
Key people
Robert G. Kirby (Executive Chairman)
Clark Kirby (CEO)
ProductsCinemas, radio, theme parks, film studio, VHS, film distribution
Revenue A$1.003 billion (2017)[1]
−A$65.62 million (2017)[1]
OwnerVillage Roadshow Corporation (majority)
Vine Alternative Investments
DivisionsVillage Roadshow Theme Parks
SubsidiariesVillage Roadshow Entertainment Group
Roadshow Entertainment
Websitewww.villageroadshow.com.au

History

Village Roadshow originally started operations as Village Drive-Ins (later known as "Village Drive-ins and Cinemas" before becoming today's "Village Cinemas" brand), in 1954, when founder Roc Kirby began running one of Australia's first drive-in cinemas in the Melbourne suburb of Croydon. The drive-in was adjacent to a shopping strip called "Croydon Village"; hence the company adopted the "Village" name. The company later expanded into traditional cinemas in major areas, though it still operates the Coburg Drive-In in Coburg, Melbourne.

In the 1960s, the company expanded to start its film distribution business (once a 50-50 joint venture with Greater Union) and moved into film production in the 1970s. The original cinema chain now became one of several businesses the company was involved in.

In the 1980s, Village Roadshow was one of the leading forces in creating state of the art multiplex cinema complexes. Innovations brought in during this period included using stadium-style seating, sophisticated sound systems and the latest in projection technologies. The cinemas of that era were the forerunners to the multiplexes of today.

In 1988, Village Roadshow took over De Laurentiis Entertainment Group, which brought on a change of name: Village Roadshow Limited. This allowed the company to raise more capital to fund further expansion.

In the 1990s, the company diversified into complementary media and entertainment businesses. This included the purchase and development of theme parks, the purchase and integration of the Triple M and Today radio networks to create Austereo Group Limited, the creation of Roadshow Music,[2] the creation of Village Roadshow Pictures, and the commencement of a co-production deal with Warner Bros.

Village Roadshow has scaled back its international cinema markets to Australia and Singapore. The company merged its Village Roadshow Pictures arm with Concord Music Group to form a Los Angeles-based diversified entertainment division, Village Roadshow Entertainment Group.

In 2003, the company formed a joint venture, Australian Theatres, with Amalgamated Holdings Limited, owners of Greater Union and several other cinema brands. The original founding business, Village Cinemas, is part of the joint venture.

In 2008, Village Roadshow and Concord Music Group, co-owned by television producer Norman Lear, said they had completed a merger forming a new company to exploit their film and music assets. Investors in the new company include Lambert Entertainment and private equity firms Tailwind Capital Partners and Clarity Partners.[3] However, on 25 March 2013, Wood Creek Capital led investor group purchased Concord Music Group from Village Roadshow Entertainment Group.[4]

In late 2019, company veteran Graham Burke stepped down as CEO and became a non-executive director, with Clark Kirby his successor as CEO.[5][6]

In 2020, Village Roadshow was in talks with private equity firm BGH Capital about a takeover offer. The offer was lowered after the Coronavirus pandemic closed theme parks and cinemas.[7][8]

Assets

See also

References
  1. "Annual Reports: 2017". villageroadshow.com.au. Retrieved 4 August 2018.
  2. Zanotti, Marc (27 May 2013). "Australian Label Roadshow Music Shuts Down". Music Feeds. Retrieved 20 December 2017.
  3. Tourtellotte, Bob (7 February 2008). "Village Roadshow, Concord Music complete merger". Reuters. Los Angeles.
  4. Billboard "Concord Music Group to be Sold to Wood Creek Capital Management", Billboard.com, 25 March 2013
  5. Wallbank, Paul (22 February 2019). "Village Roadshow's Graham Burke to stand down at end of year". Mumbrella.
  6. Duke, Jennifer (13 June 2019). "Village Roadshow appoints Clark Kirby CEO amid boardroom overhaul". The Sydney Morning Herald. Nine Entertainment Co. Retrieved 18 May 2020.
  7. Powell, Dominic (18 May 2020). "Village Roadshow agrees to takeover talks with BGH". The Sydney Morning Herald. Nine Entertainment Co. Retrieved 18 May 2020.
  8. Duran, Paulina; Nainan, Nikhil (18 May 2020). "Australia's Village Roadshow opens books exclusively to BGH's lower offer". Reuters. Thomson Reuters. Retrieved 18 May 2020.
  9. "New TV Production Company, Roadshow Rough Diamond, is Launched". Filmink. 16 June 2016.
  10. Frater, Patrick (18 May 2018). "Village Roadshow Australia Begins Sale Talks as Coronavirus Weighs on Business". Variety. Penske Media Corporation. Retrieved 31 May 2020.
  11. "Shanghai: WME-IMG, Village Roadshow Launch Chinese Film Venture With Beijing's Perfect World". The Hollywood Reporter.
  12. "Hong Kong shareholder buys remaining Golden Village Singapore stake after blocking mm2's bid". 2 October 2017. Retrieved 17 June 2018.
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