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Punit Goenka, the managing director and CEO of Zee Entertainment Enterprises has taken a majority stake in Maverick Media for an undisclosed sum, according to a Business Standard report. He stated that this personal investment is intended to revitalize and improve the single-screen cinema experience for audiences across the country.
This investment will aim to help Maverick Media, a single-screen theatre company, tap into the potential of under-screened areas by constructing theatres in Tier-II and Tier-III cities. However, according to the statement in the report, his personal investment activities are independent and do not affect ZEE.
The report also includes a statement from Goenka, saying the following, “The potential for single-screen cinemas in many Tier-II and Tier-III cities is significant, and it is crucial to revive this infrastructure while preserving its cultural essence. I have strong confidence in the Maverick team’s capability to realize its vision and expand the single-screen cinema sector. I hope this move creates economically viable opportunities for cinema exhibition operators in key growth markets nationwide.”
Source: Social Samosa
