Support The Moscow Times!

Movie Theater Auction Seen

A 40 percent stake in the iconic theatre complex will go under the hammer after failing to find a buyer in 2011. Vladimir Filonov

City Hall hopes to auction off its 40 percent stake in Oktyabr, a movie theater complex on Novy Arbat that has been a fixture in central Moscow since the Soviet era.

Bids will be received from Sept. 9 to Oct. 25, with an auction planned for Nov. 14. The initial price is set at 429.9 million rubles ($13 million), with bidders allowed to raise by increments of 21.4 million rubles ($650,000), Interfax reported.

The starting figure is roughly half the 796.7 million rubles that the government asked for in 2011, when it failed to secure a buyer, Forbes Russia reported.

Built in 1967, Oktaybr underwent reconstruction in 1998, when it expanded from a pair of auditoriums to a 18,000-square-meter complex with 11 screens. The theater has been jointly owned by the Moscow city government and Gazprom-Media since 2004 and managed by the cinema chain Karo Film since 2005.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.


Read more