NEW DELHI: MD and CEO of ZEE Entertainment Enterprises Ltd (ZEE) Punit Goenka has acquired a majority stake in Maverick Media in personal capacity.
Maverick Media is promoted by Vistaar Entertainment, an entertainment company with significant presence across cinema exhibition, film, television, and other key entertainment content segments. Maverick Media is focused on building and enhancing the large screen cinema viewing experience across the country.
The details of the deal – quantum of stake, and cost of acquisition, etc – have not yet been made public. In a press note issued on Monday, the office of Punit Goenka said the latter has made the investment in his personal capacity, to revive and enrich the single-screen experience for cinema viewers and fans across the country.
“The investment will enable Maverick Media to unlock potential of under-screened markets, by building single-screen theatres in tier II and tier III cities,” says the press note.
Commenting on his decision, Punit Goenka said, “While my professional commitments continue to remain a priority, I believe that as key members of the fraternity, it is our collective responsibility to enhance the growth opportunities for all segments in the media value chain, and hence I have taken this decision in my personal capacity. 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.”