afaqs! news bureau

Punit Goenka acquires majority stake in Maverick Media

Goenka has personally invested in this venture, emphasising that his decision does not impact the company he leads.

Punit Goenka announced that he has acquired a majority stake in Maverick Media, as mentioned in a Business Standard report. Goenka revealed that this investment, made in his personal capacity, aims to rejuvenate and enhance the single-screen cinema experience for audiences nationwide.

This investment will empower Maverick Media to tap into the potential of underserved markets by establishing single-screen theaters in Tier II and Tier III cities, according to the statement.

Maverick Media is backed by Vistaar Entertainment, an entertainment company with a substantial footprint in cinema exhibition, film, television, and other major content segments. Maverick Media's mission is to develop and enhance the large-screen cinema viewing experience nationwide.

The report adds Goenka saying, "Commenting on the development, Goenka said, “Cinema has played a crucial role in shaping our nation, reflecting and celebrating our rich culture, legacy and traditions. Through the magic of viewing entertainment content on the big screen, cinema has served as the bridge for Indian entertainment to the world and has also helped address sensitive social aspects to drive societal change... The potential of single screen cinemas across several tier II & III cities is immense, and it is imperative to revive this infrastructure, keeping its fabric and cultural essence intact.” 

Punit Goenka is the managing director and CEO of ZEE Entertainment Enterprises (ZEE). According to the statement in the report, his personal investment activities are independent and do not affect ZEE.

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