Village Roadshow Limited (VRL) is to acquire all of Warner Bros’ interests in their jointly owned Australian Theme Parks group – including Sea World, the Australian Outback Spectacular and Warner Bros Movie World – for AUS$254m (£103m, 151m euro, US$192m).

VRL will continue to partner with Warner Bros in Australia through a long-term licensing agreement. The deal also allows VRL to explore theme park opportunities in Asia.

Robert Kirby, VRL chair, said: “Over the medium to long term, this transaction will strengthen our partnership with Warner Bros. as we explore the exciting potential for Warner-branded parks in Asia.”

Warner Bros. chair, Barry Meyer, added: “This transaction makes perfect sense for us. It’s a win-win situation for both companies.”

The deal is expected to be completed in early July. Details: www.villageroadshow.com.au