Hollywood star Mel Gibson has completed a $19.44 million deal for his company Icon Film Distribution to takeover a popular cinema chain in Australia and New Zealand.

Gibson and his business partner Bruce Davey have purchased the Dendy Cinema chain and distribution business via their Icon firm, making them owners of theaters in cities like Canberra, Brisbane and Melbourne. Warwick Syphers, the managing director of Dendy Cinema's previous owners Prime Media Group, said Icon's offer was attractive "on various parameters, including value, timing and transaction certainty."

He adds, "They're fellows (at Icon) who I think are in the business very strongly in the distribution side. It would appear sensible and logical that if you're in that side of the business, it really helps to have a cinema distribution platform."

Icon Film Distribution has recently experienced success with the Oscar-nominated movies I'm Not There and The Diving Bell And The Butterfly.

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(This news article provided by World Entertainment News Network)