History
Village Roadshow commenced operations in 1954, when founder Roc Kirby began running one of Australia's first drive-in cinemas in the Melbourne suburb of Croydon. The drive-in was adjacent to a shopping strip called "Croydon Village"; hence the company adopted the "Village" name. The company later expanded into traditional cinemas in major areas, though it still operates the Coburg Drive-In in Coburg.
In the 1960s the company started its film distribution business (once a 50-50 joint venture with Greater Union) and moved into film production in the 1970s.
In the 1980s, Village Roadshow was one of the leading forces in creating state of the art multiplex cinema complexes. Innovations brought in during this period included using stadium-style seating, sophisticated sound systems and the latest in projection technologies. The cinemas of that era were the forerunners to the multiplexes of today.
In 1988, Village Roadshow took over De Laurentiis Entertainment Group, which brought on a change of name: Village Roadshow Limited. This allowed the company to raise more capital to fund further expansion.
In the 1990s, the company diversified into complementary media and entertainment businesses. This included the purchase and development of theme parks, the purchase and integration of the Triple M and Today radio networks to create Austereo Group Limited, the creation of Village Roadshow Pictures, and the commencement of a co-production deal with Warner Bros.
In 2003, the company incurred massive losses due to several box office flops. In 2004, a move by Village Roadshow Corporation to acquire more stock was halted by German company Boswell Filmgesellschaft, who argued that Village had misinformed shareholders about their voting rights because holders of ordinary shares who also held preference stock were excluded from voting on the buyback.
In 2008, Village Roadshow and Concord Music Group, co-owned by television producer Norman Lear, said they completed a merger forming a new company to exploit their film and music assets. Investors in the new company include Lambert Entertainment and private equity firms Tailwind Capital Partners and Clarity Partners.
Read more about this topic: Village Roadshow
Famous quotes containing the word history:
“Regarding History as the slaughter-bench at which the happiness of peoples, the wisdom of States, and the virtue of individuals have been victimized—the question involuntarily arises—to what principle, to what final aim these enormous sacrifices have been offered.”
—Georg Wilhelm Friedrich Hegel (1770–1831)
“The history of men’s opposition to women’s emancipation is more interesting perhaps than the story of that emancipation itself.”
—Virginia Woolf (1882–1941)
“No one can understand Paris and its history who does not understand that its fierceness is the balance and justification of its frivolity. It is called a city of pleasure; but it may also very specially be called a city of pain. The crown of roses is also a crown of thorns. Its people are too prone to hurt others, but quite ready also to hurt themselves. They are martyrs for religion, they are martyrs for irreligion; they are even martyrs for immorality.”
—Gilbert Keith Chesterton (1874–1936)