Village Roadshow to Develop China theme parks

Village Roadshow is to use proceeds from the sale of its stake in broadcaster Austereo to develop theme parks in China.

Having this week accepted Southern Cross Media Group's offer for its 52.5% stake in Austereo (fulfilling a minimum condition for Southern Cross's $741 million takeover of Austereo) Village will use the $362 million proceeds to develop theme park opportunities in China's Guangzhou province and Hainan Island, investing in its film and music production arm, and distributing $1 a share to shareholders.

Village Roadshow Chief Executive Graham Burke explained "I think this exercise is about reducing debt, rewarding shareholders and smart, underlined growth."

Burke added that China was about to be the biggest market in the world and that wealth there was "burgeoning".

Earlier this month, Village completed the sale of the Sydney Attractions Group, which includes tourist attractions Sydney Aquarium and Sydney Wildlife World, to British private equity company Merlin Entertainment Group for $115 million.

20th January 2011 - MERLIN ENTERTAINMENTS GROUP ACQUIRES SYDNEY ATTRACTIONS GROUP FROM VILLAGE ROADSHOW

13th September 2010 - VILLAGE ROADSHOW TO BUILD WET’N'WILD SYDNEY

24th September 2009 - VILLAGE AXES SUNSHINE COAST WATERPARK PLANS 

10th September 2009 - WET’N'WILD IN TOP 10 OF WORLD WATERPARKS

17th August 2009 - 70% OF CHINESE THEME PARKS ‘IN THE RED’

8th June 2009 - JAMBEROO TO SUBMIT KANGAROO ISLAND DEVELOPMENT PLANS 

2nd June 2008 - SIX FLAGS PLANS MOVE INTO CHINA

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