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https://www.ft.com/content/86e1afc7-f701-4b23-b78c-97ef5ecd6722
UK immersive cinema company Secret Cinema has been sold to US-based mobile ticketing platform TodayTix Group in a deal set to benefit the British taxpayer, which has a stake through a coronavirus venture capital fund.
Secret Cinema hosts film and television screenings in atmospheric locations where audience members walk between different sets encountering actors playing characters from the movie or show. Its events typically cost around $10mn to put on.
TodayTix, which specialises in theatre tickets for Broadway and West End shows, is paying £88mn, according to people briefed on the deal.
Secret Cinema has announced partnerships with Netflix and Disney in recent years, recreating sci-fi drama series Stranger Things in a disused Los Angeles parking lot and more recently superhero saga Guardians of the Galaxy in London’s Wembley Park.
The UK government has a stake through a scheme set up to support innovative businesses during the Covid-19 pandemic. It invested £4mn in Secret Cinema in 2020 through its Future Fund, which was managed by the state-owned British Business Bank.
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