Paris, FR—Jan 20, 2017
Ymagis Group Strengthens CinemaNext’s Exhibition Services in Turkey with New Business Partner Omega Cinema Systems
Ymagis Group (ISIN: FR0011471291, TICKER: MAGIS, PEA-PME-eligible), the European specialist in
digital technologies for the cinema industry, announced that it has signed a
letter of intent with Omega Cinema Systems to form the leading cinema
exhibition services company in Turkey.
Under the terms of the
agreement and subject to the fulfillment of conditions precedent, a new
company, CinemaNext TR, will be created with Ymagis Group acquiring a 51% stake
and Omega Cinema Systems founders Fikret Gürsoy, Turgay Gürsoy and Serkan Sahin
acquiring the remaining 49%. CinemaNext Turkey will be managed by Fikret
Gürsoy, Turgay Gürsoy and Serkan Sahin. All parties intend to conclude the deal
before the end of February, at which time both Omega’s and CinemaNext’s current
portfolio of activities and related cinema assets in Turkey will be transferred
to CinemaNext TR.
Founded by Fikret Gürsoy in
1997 and based in Izmit/Kocaeli, near Istanbul, Omega is specialized in cinema
installations and the maintenance of digital cinema equipment. Over 650 screens
to date have been installed by Omega in Turkey for leading cinema chains,
including Mars Cinema Group (CJ/CGV Entertainment), Gazi Cinemas and Avsar
Group. 200 Turkish cinema screens also currently have service agreements with
Omega for customer service and maintenance. In 2016, Omega reported revenue in
excess of EUR 2.8 million.
“With this new partnership,
Ymagis Group fulfills its objective to provide the same services in Turkey as
offered in the rest of Europe by our CinemaNext business unit, while benefiting
group synergies and local proximity with clients,” explained Jean Mizrahi,
Founder, President and CEO of Ymagis Group. “The Gürsoy family has been active on
the Turkish cinema scene for over 50 years now, working successively in cinema
exhibition and distribution before becoming the country’s most trusted
integrator. They have been instrumental in the digital conversion process in
Turkey and we feel honored to be partnering with them in this new venture, which
will bring the Group additional growth and recurring revenue.”
“We are thrilled to join
Ymagis Group’s cinema exhibition services and become their local partner in
Turkey,” comments Fikret Gürsoy, Omega’s Managing Director. “For years, we have
served Turkish cinema exhibitors by offering them advanced bespoke technological
solutions and paving the path to digitalization. This new venture with
CinemaNext will strengthen the range of services we can offer our cinema
clients, particularly in a fast-evolving business environment.”
The European Audiovisual
Observatory estimates cinema attendance of over 55 million in 2016 in Turkey,
which boasts 2,550 screens. The Turkish motion picture industry is considered
one of the most dynamic and important in Central Europe.
In June 2015, Ymagis Group
announced new VPF agreements under the third-party collector financing model
with six major Turkish cinema exhibitor chains representing 409 screens in 50
cinema multiplexes. These VPF agreements are effective through 31 December 2018
and are managed by its current Turkish entity, a wholly-owned subsidiary of
Ymagis Group.
