Punit Goenka acquires majority stake in Maverick Media
To tap the unrealised potential of single-screen cinemas, Goenka, who continues to lead ZEE as its MD & CEO, has made the investment in his personal capacity.
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Renowned entrepreneur and leading media and entertainment industry executive, Punit Goenka, has acquired a majority stake in Maverick Media. Goenka, who continues to lead ZEE Entertainment Enterprises as its MD & CEO has made the investment in his personal capacity, to revive and enrich the single-screen experience for cinema viewers and fans across the country.
Maverick Media is promoted by Vistaar Entertainment, an entertainment company with presence across cinema exhibition, film, television, and other key entertainment content segments. It is focused on building and enhancing the large screen cinema viewing experience across the country.
Apart from leveraging Goenka's sharp business acumen and rich understanding of the consumers’ content consumption patterns, 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.
Commenting on his decision, 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. 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. I truly hope this step enables an economically viable opportunity for cinema exhibition operators across key growth markets in the country," he added.
In a culturally diverse market like India, cinema viewing goes beyond cherishing entertainment content on the big screen and is akin to an out-of-home family experience. Theatres have been amongst the biggest drivers of family viewing across the country, with weekly releases generating a new opportunity to create memories and bonds.
Goenka’s belief is in line with this thought.
