Australian company Village Roadshow Ltd. announced last week that it agreed to sell its Greek cinema, film distribution and film production business to a private European investor.
Speculation in Greece is that it has been sold to a Greek entrepreneur with previous experience in the media broadcasting industry.
The net cash proceeds from the disposal of the business will be about A$80 million, Village said.
The estimated profit arising from the sale is expected to be in the range of A$10 million to A$15 million, it said.
The sale is subject to a number of regulatory approvals and third-party consents, and is expected to be finished by the end of the calendar year, the company said in a statement.