Network18 is exiting from the multiplex business by offloading its entire stake in Stargaze Entertainment Private Limited, a company which operates Glitz Cinemas, to Carnival Films Private Limited.
According to a source, Network18 Media & Investments held over 75 per cent stake in Glitz Cinemas.
Network18’s stake in Stargaze is through its venture capital arm Capital18 Fincap (Capital18).
Capital18 has, thus, entered into an agreement with Carnival Films Private Limited to divest its stake. The transaction is expected to be completed in the current financial year and will result in a profitable exit for Capital18.
Read more at: http://www.televisionpost.com/news/network18-sells-its-multiplex-biz-to-carnival-films/ | TelevisionPost.com
According to a source, Network18 Media & Investments held over 75 per cent stake in Glitz Cinemas.
Network18’s stake in Stargaze is through its venture capital arm Capital18 Fincap (Capital18).
Capital18 has, thus, entered into an agreement with Carnival Films Private Limited to divest its stake. The transaction is expected to be completed in the current financial year and will result in a profitable exit for Capital18.
Read more at: http://www.televisionpost.com/news/network18-sells-its-multiplex-biz-to-carnival-films/ | TelevisionPost.com
