wordpress blog stats
Connect with us

Hi, what are you looking for?

Reliance MediaWorks sells multiplex chain Big Cinemas to Carnival Cinemas

Anil Ambani owned Reliance MediaWorks has sold its chain of multiplexes Big Cinemas with over 250 screens to Carnival Cinemas, the company informed BSE.

While the exact value of the deal was not disclosed, the company says this deal will reduce Reliance Capital’s debt by about Rs 700 crore. Reliance MediaWorks will also have the option of acquiring a pre-IPO minority stake in Carnival Cinemas at a discounted price, upon eventual listing of the company. That being said, its worth noting that this deal doesn’t include Reliance MediaWorks owned IMAX Wadala and other properties.

Big Cinemas

Earlier this year, Carnival Cinemas had also acquired Housing Development and Infrastructure Ltd (HDIL) owned multiplex chain Broadway Cinemas for an undisclosed amount. In July this year, Carnival Group chairman Shrikant Bhasi had told Livemint that they are also in talks to acquire 175 screens from three separate multiplex operators in Andhra Pradesh, Punjab & Uttar Pradesh, although he didn’t share further details on this.

Following this deal, Carnival Cinemas claims to be third largest multiplex operator in the country with over 300 screens. Inox with 358 screens across 91 multiplexes in 50 cities, and PVR Cinemas with 444 screens across 101 multiplexes in 43 cities are ahead of Carnival Cinemas.

Carnival Cinemas, which is currently operational in Kerala, Karnataka, Tamil Nadu, Maharashtra, Madhya Pradesh, Uttar Pradesh & West Bengal, has over 50 operational screens under its brand. An additional 75 screens are expected to be operational with the next two months.

Advertisement. Scroll to continue reading.

Inox-Satyam Cineplexes deal: In August this year, Inox had acquired 100% stake in New Delhi-based Satyam Cineplexes for Rs 182 crore. The acquisition gave Inox an entry into Delhi (and neighbouring Gurgaon, Greater Noida and Faridabad), which is dominated by PVR. At the time, Inox Leisure CEO Alok Tandon had told Business Standard that they will be adding a further 156 screens over the next two years, which would take their total screen count to 514. Inox also has plans of opening new screens in Jamnagar, Kurnool, Faridabad and Jaipur this year.

Interestingly, Inox had also acquired Fame Cinemas after a lengthy takeover battle with Big Cinemas in 2010. The company had rebranded Fame Cinemas to Inox screens last year. PVR had also acquired 69.3% stake in competing multiplex chain Cinemax for Rs 394 crore in November 2012.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The Delhi High Court should quash the government's order to block Tanul Thakur's website in light of the Shreya Singhal verdict by the Supreme...

News

Releasing the policy is akin to putting the proverbial 'cart before the horse'.

News

The industry's growth is being weighed down by taxation and legal uncertainty.

News

Due to the scale of regulatory and technical challenges, transparency reporting under the IT Rules has gotten off to a rocky start.

News

Here are possible reasons why Indians are not generating significant IAP revenues despite our download share crossing 30%.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ