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Cityneon acquires 100% stake in Jurassic Park exhibition
MAINBOARD-LISTED Cityneon Holdings has acquired full global rights to Jurassic World Exhibition.
It has entered into a sale and purchase agreement to acquire all of JP Exhibitions LLC for US$25 million, allowing it to make full use of the exhibition's intellectual property (IP) rights, it announced in a Singapore Exchange filing on Wednesday evening.
This will be carried out in partnership with global movie titan Universal Studios.
Jurassic World: The Exhibition, a licensed spin-off from the blockbuster movie Jurassic World, is Cityneon's third IP acquisition and association with a blockbuster movie franchise. It follows Disney's Marvel Avengers S.T.A.T.I.O.N. and Hasbro's Transformers Autobot Alliance.
The Jurassic World Exhibition acquisition comes after Lucrum 1 Investment, a consortium led by executive chairman and group CEO of Cityneon Ron Tan, procured 52.5 per cent of Cityneon shares from its previous major shareholder for about US$85 million in July, making it the group's largest shareholder.
"We are thrilled to be part of Universal Studio's Jurassic World franchise, and we can't wait to bring this immersive attraction to even more markets around Asia and the rest of the world," Mr Tan said, adding that Cityneon will begin to construct a second immersive experience set immediately.