Zee Entertainment CEO Punit Goenka.
Credit: Reuters File Photo
New Delhi: Punit Goenka, the MD and CEO of Zee Entertainment, has acquired a majority stake in Maverick Media, in his personal capacity for an undisclosed amount.
Promoted by Vistaar Entertainment, Maverick Media is focused on the large single-screen cinema across the country.
"Goenka has made the investment in his personal capacity, to revive and enrich the single-screen experience for cinema viewers and fans across the country," said a statement issued from his office adding it "has no bearing on the company that he leads."
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, it added.
Commenting on the development, Goenka said the potential of single-screen cinemas across several tier II & III cities is immense, and it is imperative to revive this infrastructure.
"This step enables an economically viable opportunity for cinema exhibition operators across key growth markets in the country," he said.