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Monday, July 15, 2024

Punit Goenka purchases Maverick Media to expand single-screen theatre chain

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In Short:

Punit Goenka, the CEO of Zee Entertainment, has acquired a majority stake in Maverick Media to build single-screen cinemas across India. This investment is personal and not related to Zee. The move comes as many cinemas have closed due to the pandemic. Goenka believes in the potential of single-screen cinemas and hopes to revive this industry, despite challenges faced by ZEEL.

Punit Goenka, the Man Behind Maverick Media

In a surprising turn of events, Punit Goenka, the managing director and chief executive of Zee Entertainment Enterprises Ltd (ZEEL), has taken a bold step by acquiring a majority stake in entertainment company Maverick Media. And he did it all in his personal capacity, not as a representative of Zee, as stated in his announcement on Monday.

A New Vision for Cinema

Maverick Media has ambitious plans to revolutionize the cinema industry by building single-screen cinemas in untapped markets of tier-II and tier-III cities across the country. This move comes at a crucial time when the film industry is facing challenges in drawing audiences to cinemas, leading to the closure of many small screens during the covid-19 pandemic.

Reviving the Entertainment Landscape

Expressing his commitment to the growth of the media industry, Punit Goenka believes that the potential of single-screen cinemas is vast and essential for the revival of this traditional infrastructure. He trusts the team at Maverick to realize their vision and drive the growth of the single-screen cinema business, providing a promising opportunity for cinema operators in key markets.

Restructuring at ZEEL

Despite the recent setbacks, including the failed merger with Sony Pictures Entertainment, ZEEL, founded by Punit Goenka’s father Subhash Chandra, has been restructuring its operations. This includes reducing the workforce by 15% and cutting Goenka’s remuneration by 20%. The company has also witnessed the departure of several senior executives in key positions.

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