Zee CEO Punit Goenka acquires majority stake in Maverick Media to revitalise single-screen cinemas in tier II & III cities

Punit Goenka on June 24 announced the acquisition a majority stake in Maverick Media.  

In a press statement, 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.  

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, according to the statement.  

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.” 

Maverick Media is promoted by Vistaar Entertainment, a prominent 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. 

“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 noted. 

Punit Goenka continues to lead ZEE Entertainment Enterprises Ltd (ZEE) as its MD & CEO. His personal investment decisions have no bearing on ZEE, according to the statement.