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Pyramid Saimira pulls out of Hindi film distribution biz; shuts 33 screens


MUMBAI: Pyramid Saimira Theatre Ltd (PSTL) is trimming down operations as inflation and an economic slowdown is beginning to hit entertainment spending in India.


The Chennai-based company has decided to pull out of the Hindi film distribution business and is withdrawing from its exhibition business in western and northern India where it has shut down 33 screens.


"A decision has also been taken to discontinue the distribution of Hindi films in view of the unviable cost structure of the Hindi film industry. The management has decided to wind up its exhibition division in Western and northern parts of India in particular by closing down 33 screens,” PSTL said in a statement.


PSTL has also decided to slow down its overseas growth plans and will not be pursuing with acquisitions in UK and Europe.


However, in the view of profitability, plans in Malaysia and USA will remain stable. Operations will be expanded in China in view of the joint venture with the Ministry of Culture and ceding of entertainment business in Mainland China, the company said.


These changes, the company believes, will consolidate the business and focus will now be in on its core strength in the South Indian media and entertainment industries.

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