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Network 18 enters into anagreement with Carnival Cinemas

Sajee

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MUMBAI: Multiplex chain Carnival
Cinemas after having a great 2014 has
set the right tune for the new year.
While it was in December 2014 when
Reliance MediaWorks (RMW) sold its
multiplex business to Carnival Cinemas,
2015 has begun with Network 18 Media
& Investments entering into an
agreement with the multiplex chain.

The agreement has been done through
Network 18’s venture capital arm,
Capital18 Fincap. Network18 with this
will divest its entire stake in Stargaze
Entertainment, which operates
multiplexes in emerging urban centers
of India under the brand name ‘Glitz
Cinemas.’

Capital 18 is a majority shareholder at
Stargaze and the transaction, expected
to be completed within the current
financial year, will result in a profitable
exit for Capital18.

It can be noted that the proposed
transaction with Reliance MediaWorks
had placed Carnival amongst the top
three multiplex operators in the
country, with over 300 screens
nationwide.

The agreement with Network 18 is yet
another move by Carnival Cinemas to
reach its target of 1,000 screens by
2017.

Indian Television Dot Com | Network18 enters into an agreement with Carnival Cinemas
 
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