In 2005 the Hay Film Studio with its 34-hectare territory, premises and buildings was sold to CS Media belonging to the Gafesjyan family at 770.000 USD and with obligations of investing over 70 million USD. That investment should have included restoration, technical armament and digitization of the Armenian films. The company announced that it claimed to become the largest cinema studio in the region with its pavilions, labs, hotel complexes and modern techniques. In 2005 the privatized studio director, filmmaker Ruben Gevorgyants mentioned that the studio is morally worn out and the only solution is to sell it to private entities. The representiave of the Gafesjyan family and co-owner of Armenia TV Bagrat Sargsyan was saying that Hay Film is going to become a new Hollywood. 5 years have passed ever since the contract was signed. During this period the Armenia TV mentioned that they’re conducting lofty activities to restore the Hay Film and that the external appearance of the buildings is being changed. The reality, however, is drastically different. Currently the cinema representatives worried by the fate of the Hay Film are alerting that the only salvation is to turn the studio back into state property. It should be nationalized and consider among such institutions as Matenadaran or Opera. The owners of the studio have violated the clauses of the contract and are not able to recover the studio. During the 5 years Hay Film didn’t become Hollywood but the family of Sargsyans had managed to settle in the US, very close to Hollywood…
