Icon, Reading eye Dendy loop

Prime Media the focus of bidding war

By MICHAELA BOLAND

SYDNEY -- Mel Gibson's Icon Distribution, U.S. loop Reading Cinemas, the Zeccola family's Palace Films and Hoyts Cinemas owner Pacific Equity Partners are bidding to buy arthouse loop Dendy Cinemas from regional TV operator Prime Media.

The five-theater circuit and outdoor cinema Moonlight fell into Prime's hands in July when it outbid Icon for the Becker Group, also made up of sales company Becker Intl. and the Dendy distrib.