Rescuing Blitzmegaplex

Ananda Siregar's long wait has finally paid off. If all goes well, PT Graha Layar Prima, the company managing the Blitzmegaplex cinema chain, will have a new principal backer before the upcoming Idul Fitri holidays. Media Nusantara Citra (MNC), one of the country's biggest television conglomerates founded by media tycoon Hary Tanoesoedibjo, will be Blitzmegaplex's newest majority shareholder. "Only legal and administrative matters need to be handled," said a Tempo source involved in the ongoing transaction.

Early this year, the management of Graha Layar Prima lobbied aggressively for investment to improve the financial health of this cinema chain, said to be financially bleeding. The cinema chain started operations six years ago in the Paris van Java shopping center in Bandung, but its output failed to shine as expected. By relying only on 66 screens across seven cinema locations, Blitzmegaplex seemed to wobble in the face of the 21 Cineplex group, with its 500 screens and dominance of the import film distribution network.

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