Zee's Punit Goenka secures majority stake in Maverick Media

New Delhi: Punit Goenka, MD and CEO of ZEEL, announced his decision to acquire a majority stake in Maverick Media. Goenka has made this investment in his personal capacity and the same has no bearing on the company that he leads.

The investment aims to build 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 tierII & III cities is immense, and it is imperative to revive this infrastructure, keeping its fabric and cultural essence intact. 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.”