Hoyts
The Hoyts Group of companies in Australia and New Zealand includes Hoyts Cinemas, a cinema chain, and Val Morgan, which sells advertising on cinema screens and digital billboards.
| Type | Subsidiary |
|---|---|
| Industry | Film exhibition, film distribution, cinema advertising |
| Founded | 1909 |
| Headquarters | Sydney, Australia |
Area served | Australia, New Zealand |
Key people | Damian Keogh (Group CEO) Stephen Watson (Group CFO) Guy Burbidge (MD – Val Morgan) |
| Products | Hoyts Cinema |
Number of employees | Estimated 4000 |
| Parent | Wanda Group |
| Website | www |
The company was established by dentist Arthur Russell in Melbourne, Victoria in 1908, showing films in a hired hall. After expansion into other states and several changes of ownership, the majority of Hoyts was acquired by a Chinese conglomerate, the Wanda Group, in 2015. As of 2022[update], Hoyts owned 46 multiplexes which house 412 screens, making it Australia's second largest movie exhibitor after EVT Limited.
History edit
1909–1930 edit
At the start of the 20th century, Melbourne dentist and cornet player Arthur Russell[1] bought a share in a small touring American circus that visited Melbourne, called Hoyts Circus. Russell toured with the circus as a magician, but it did not prove to be a financial success. In 1908, he started presenting moving pictures at St George's Hall in Bourke Street,[2] accompanying the silent films with his small family band: his wife on piano, son on drums, and Russell on cornet. On 18 September 1909 he opened Hoyts Picture Palace,[1] and formed a company called Hoyts Pictures Pty Ltd. The old hall was rebuilt and renamed "Hoyts De Luxe". By the end of World War I, Hoyts had expanded into the suburbs of Melbourne and into Sydney.[2] The shows included vaudeville acts, as was common practice in those days.[1]
In 1926, Hoyts and two other companies, Electric Theatres Pty. Ltd. and Associated Theatres Pty. Ltd., merged to become Hoyts Theatres Limited. In 1930, the Fox Film Corporation (now 20th Century Studios) acquired a majority of shares in Hoyts Theatres Ltd.[3][4]
1980s edit
In 1982, 20th Century Fox sold Hoyts to Stardawn Investments, a group of four Melbourne businessmen. In 1985, the Fink family subsequently bought out the other partners to become the sole owner. In 1987, the corporation was restructured and two of the companies in the corporation were listed on the Australian Securities Exchange: Hoyts Media and Hoyts Entertainment. However, the company that owned the cinemas, Hoyts Cinemas, was not floated until 1996. The years between 1987 and 1996 saw Hoyts expand in Australia, New Zealand and the United States. In 1988, Hoyts bought out Interstate Theaters, which made its expansion into the United States market.[5]
1990s edit
Following Leon Fink's death in 1993, the Hoyts organisation was sold to Hellman & Friedman and Lendlease. The company eventually went public in 1995. In 1999, Hoyts celebrated its 90th anniversary and was ranked the seventh largest cinema exhibitor in the world. In the same year, the late Kerry Packer's private family company, Consolidated Press Holdings, bought the chain for $620 million. After that, Hoyts began to sell off international cinemas except for some New Zealand cinemas.[citation needed]
2000s edit
In 2003, Hoyts sold all of its US chains to Regal Entertainment Group.[6][7] In 2004, Hoyts joined forces with Village Roadshow and Amalgamated Holdings Limited to bail out Val Morgan Cinema Advertising, eventually taking their stake to 100% in 2005. In December that year, Publishing & Broadcasting Limited and West Australian Newspapers purchased the company from Consolidated Press. In 2007, Hoyts was sold to Sydney-based private equity firm Pacific Equity Partners. The sale valued the company at A$440 million.[citation needed]
2010s edit
In 2010, Hoyts acquired Australian Multiplex Cinemas in Queensland and the Berkeley Cinema Group in New Zealand. Hoyts Stream, a video streaming service, was set to launch during 2013, but after being delayed, it was cancelled in 2014.[8][9] Damian Keogh was appointed chief executive officer, and Hoyts was bought by Chinese billionaire Sun Xishuang through his investment company ID Leisure Ventures in December 2014.[10]
In June 2015, Wanda Cinema Line, a subsidiary of Dalian Wanda Group, purchased Hoyts from ID Leisure Ventures.[10]
In 2018, Hoyts Kiosk DVD vending machines were rebranded as Video Ezy after the group sold its subsidiary.[11]
In Argentina Hoyts was acquired by Cinemark, in Chile by Cinépolis, and in Uruguay by Life Cinemas.[citation needed][when?]
2020s edit
In December 2022, Hoyts acquired three cinemas in WA from Grand Cinemas after the company went into administration.[12] In April 2023, they acquired an additional cinema from Grand.[13] That month, Wanda Cinema Line also began seeking buyers for Hoyts.[14][15]
Cinemas edit
As of 2022[update], Hoyts owned 46 multiplexes and 412 screens, making it Australia's second largest movie exhibitor.[15]
Features available at many Hoyts Cinemas include reclining chairs, large high-resolution screens under the Xtremescreen brand, and dine-in menus under the Hoyts Lux brand.[16][17][18] Seats that move and vibrate in synchronisation with on-screen action have been introduced at some cinemas using D-Box technology.[19]
Hoyts Cinema Technology Group (CTG) was established in 2008 and helps other exhibitors such as Palace Cinemas install and operate digital cinema. Hoyts CTG also supports one-off screenings such as festivals or corporate events.[20]
Val Morgan edit
Val Morgan was created by Valentine (Val) Morgan and specialises in advertising on cinema screens. Val Morgan's sister company, Val Morgan Outdoor (VMO), operates advertising screens in shopping centres, gyms, service stations and office towers, as well as outdoor digital billboards.[citation needed]
Hoyts Distribution edit
Hoyts Distribution was the film distribution arm of the group which existed in its own right from 1979[21][22] to 1994; it possessed the distribution rights to Cannon Films, Carolco and Nelson Entertainment films in Australia and New Zealand. The distribution unit was originally founded by Jim Shakespeare, the national sales manager of the company and Bill Gavin, general manager of films and marketing of the company. The company's first films include The Chant of Jimmie Blacksmith, The Stud, The Boys from Brazil, Dawn! and Long Weekend.[21]
It was later merged with the distribution operations of Columbia TriStar Film Distributors and 20th Century Fox, forming Hoyts-Fox-Columbia TriStar Films (later Fox-Columbia TriStar Films after Hoyts dropped out of the venture). In 1993, the entertainment branch of Hoyts was spun off to Television and Media Services, with the unit being renamed to TMS Distribution.[23] The company's original film library was sold off to Becker Entertainment in 1999.[24] In 2001, the company was revived under the leadership of Kerry Packer, distributing primarily films produced by Nine Films and Television and major independent studios such as Lions Gate Entertainment.[25]
Hoyts also operated a home video arm in concert with Sony, beginning in 1983 as RCA/Columbia/Hoyts Video Pty. Ltd. In addition to Columbia Pictures and TriStar fare through the main label, the company also held rights to Cannon and other releases via Hoyts, and starting in 1990, Orion Pictures releases via that company's worldwide distribution deal with Columbia. RCA/Columbia/Hoyts (later renamed to Columbia TriStar/Hoyts Home Video) also released product through two alternative labels, First Release Home Entertainment and Video Box Office. Hoyts also had, beginning in 1988 a joint venture with PolyGram, Hoyts PolyGram Video, to release its catalog for its sell-through market, in cooperation with PolyGram's music video library.[26] In 2004, the revived Hoyts Distribution partnered with MGM Home Entertainment and Universal Studios Home Entertainment to launch its own home video arm.[27]
In 2012, Hoyts Distribution was sold to StudioCanal, and took the StudioCanal name in Australia and New Zealand in March 2013.[28]
References edit
- ^ a b c "Hoyts Theatres Ltd". AustLit. 19 June 2013. Retrieved 14 August 2023.
- ^ a b "1998: Hoyts 90th year". Cinema Record (22): 15. November 1998. Retrieved 14 August 2023.
Source: "The Story of Hoyts", News Release, Hoyts Theatres Limited.
HTML version - ^ "[headline unknown]". The Argus. 3 September 1930. p. 9.
- ^ "Chronology 1900s". Australian Screen. Retrieved 14 August 2023.
Sources: Moran, A & Veith, E 2005, Historical Dictionary of Australian and New Zealand Cinema, The Scarecrow Press, Maryland, USA. AllExperts Encyclopedia, Hoyts
- ^ Archives, L. A. Times (19 April 1988). "International Film Exchange Ltd., which distributes American..." Los Angeles Times. Retrieved 17 June 2023.
- ^ "CNN.com - Regal buys Packer's U.S. cinemas - Feb. 5, 2003". www.cnn.com. Retrieved 17 June 2023.
- ^ "Packer sells Hoyts stake in America". The Age. 5 February 2003. Retrieved 17 June 2023.
- ^ Adhikari, Supratim (18 June 2014). "Hoyts Stream online video service on thin ice". The Weekend Australian. News Corp Australia. Retrieved 15 September 2019.
- ^ Colley, Andrew (19 May 2014). "Online video-streaming service Hoyts Stream to launch this year". Sydney Morning Herald. Fairfax Media. Retrieved 15 September 2019.
- ^ a b Frater, Patrick (2 June 2015). "China's Wanda Buys Australia's Hoyts Multiplex Chain". Variety. Penske Media Corporation. Retrieved 14 September 2019.
- ^ Duke, Jennifer (5 January 2018). "Hoyts DVD vending business to be swallowed by rival Video Ezy Express". The Sydney Morning Herald. Nine Entertainment. Retrieved 15 September 2019.
- ^ Smith, Sean (23 December 2022). "Hoyts buys three cinemas from failed WA chain". The West Australian. Retrieved 8 January 2023.
- ^ Tan, Christopher (1 April 2023). "Hoyts moves into northern suburbs after Grand Cinemas calls it quits". Retrieved 1 April 2023.
- ^ Thompson, Sarah; Sood, Kanika; Rapaport, Emma (3 April 2023). "Lights, camera, action! Credit Suisse, Nomura reboot $1b Hoyts sale". Australian Financial Review. Retrieved 4 April 2023.
- ^ a b Frater, Patrick (12 April 2023). "China's Wanda Seeks Buyers for Australia's Hoyts Cinema Chain". Variety. Retrieved 14 August 2023.
- ^ Zuill, Catherine (3 December 2014). "Hoyts Lux cinema now offers a gourmet night out at Broadway". The Daily Telegraph. Sydney. Retrieved 21 September 2019.
- ^ Croot, James (17 January 2019). "At the Movies: Inside the rise of luxury cinemagoing in New Zealand". Stuff. Nine Entertainment. Retrieved 21 September 2019.
- ^ "Xtremescreen: Make your next movie a big one". Hoyts. Retrieved 21 September 2019.
- ^ Maddox, Garry (7 October 2011). "Cinema with a new dimension". Sydney Morning Herald. Fairfax Media. Retrieved 21 September 2019.
- ^ "About us/Recent clients". Hoyts Cinema Technology Group. Retrieved 21 September 2019.
- ^ a b "The Quarter". Cinema Papers. 1 March 1979. p. 13.
- ^ Melnick, Ross (26 April 2022). Hollywood's Embassies: How Movie Theaters Projected American Power Around the World. Columbia University Press. ISBN 978-0-231-55413-8.
- ^ Groves, Don (9 February 1994). "Oz media conglom TMS bumps profits by 128%". Variety. Retrieved 1 June 2023.
- ^ Cahill, Phillippe (15 September 1999). "Oz's Becker posts annual loss again". Variety. Retrieved 1 June 2023.
- ^ Groves, Don (5 August 2001). "Hoyts back in pack". Variety. Retrieved 1 June 2023.
- ^ Wright, Lea (13 October 1988). "Hoyts Media, PolyGram in music joint venture". The Sydney Morning Herald. p. 35.
- ^ Groves, Don (30 May 2004). "Hoyts teams with MGM, U video arms". Variety. Retrieved 17 June 2023.
- ^ . IF Magazine. 4 March 2013. Archived from the original on 9 April 2013.
External links edit
- Hoyts Cinemas Australia
- Hoyts Cinemas New Zealand
- Hoyts Group Holdings LLC on Bloomberg