Punit Goenka, MD and CEO of Zee Entertainment Enterprises, in his personal capacity, has acquired a majority stake in Maverick Media, which is into building large screen cinema viewing experiences in India, for an unspecified amount.
The investment will enable Maverick Media to unlock the potential of under-screened markets across the country, by building single-screen theatres in tier II and tier III cities.
Goenka said, “The potential of single-screen cinemas across several Tier-II and Tier-III cities is immense, and it is imperative to revive this infrastructure, keeping its fabric and cultural essence intact.”
“I am confident in the ability of the team at Maverick to achieve its vision and grow the single-screen cinema business. I truly hope this step enables an economically viable opportunity for cinema exhibition operators across key growth markets in the country,” he added.
