Zee MD Goenka Acquires Majority of Maverick Stake

Zee MD Punit Goenka has paid an unknown sum for a controlling share in Maverick Media, which builds and refurbishes single-screen theaters. Goenka, who is also Zee's promoter, made the stock acquisition in his own capacity.

Goenka stated, "Although my professional obligations (referring to his executive role at Zee) continue to remain a priority, I feel that it is our collective responsibility as important members of the fraternity 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 investment will allow single-screen cinemas to capitalize on the potential of underserved areas across the country by constructing single-screen theaters in tier 2 and tier 3 cities, according to the statement.

Goenka stated that he is working to improve the infrastructure of theater chains in smaller cities in order to enhance the entire family-watching experience.

"I am confidence in the Maverick team's capacity to realize its objectives and develop the single-screen theater sector. I really believe that this measure creates an economically feasible possibility for movie exhibition operators in important growing regions around the country," he added.

Vistaar Entertainment promotes Maverick Media, which focuses on huge single-screen theaters around the country.