MAM

Carnival gets the green signal to acquire Big Cinemas

https://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/mam-images/2015/04/02/Big%20cinemas.JPG?itok=0tnRDHTO

NEW DELHI: The acquisition by the Carnival Group of the Big Cinemas chain owned by Anil Ambani’s Reliance MediaWorks has been cleared by the Competition Commission of India (CCI).

It is learnt that the South India-based Carnival Group had offered $112 million for Big Cinemas in December 2014. 

In January this year, Carnival also acquired Stargaze Entertainment’s cinemas. The company now has a total of 330 screens, making Carnival India’s third largest multiplex operator. The Inox group has 361 screens while market leader PVR has 454.

 

The proposed transaction will reduce Reliance Capital's overall debt by Rs 700 crore and is part of Reliance Capital's strategy to exit minority investments.



CCI said in its order that "the proposed combination is not likely to have an appreciable adverse effect on competition in India."



Under the agreement executed on 14 December, 2014, the film exhibition business of Reliance MediaWorks along with the food and beverages business, which is a part of the film exhibition business (but excluding all forms of film exhibition through Internet, mobile or television of Reliance MediaWorks), would be transferred to Cinema Ventures Private Ltd (CVPL) - a subsidiary of Reliance MediaWorks.

 

As many as 88 cinemas (72 multiplexes and 16 single screen cinemas) operated by Reliance MediaWorks having 238 screens are proposed to be transferred by Reliance MediaWorks to CVPL.

 

Following this, Carnival will acquire 98 per cent stake in CVPL whereas a director of Carnival will acquire the remaining two per cent shareholding.

 

"It is noted that pursuant to the proposed combination, there are overlaps between Carnival, Stargaze and Reliance MediaWorks with respect to the multiplexes in seven cities namely Indore, Mumbai, Dindigul, Ghaziabad, Dehradun, Raipur and Ajmer," the order said.

 

However, CCI observed that in Indore, Mumbai, Ghaziabad, Dehradun, Raipur and Ajmer, "competition concerns may not arise as there are other multiplexes in these cities exercising competitive constraint on the acquirer pursuant to the proposed combination in terms of the pricing and services offered within the cinemas."

 

In the case of Dindigul, it was stated that "it is unlikely that the combination would result in increase in prices or would have an adverse impact on the amenities provided to the consumers in Dindigul."

 

The deal struck between Carnival Cinemas and Reliance MediaWorks will exclude Imax Wadala (Mumbai) and some other properties worth Rs 200 crore.

 

Reliance Capital is the parent firm of Reliance MediaWorks, which operates one of the largest cinema chains, under the brand BIG Cinemas.

Latest Reads

https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/10/14/vodafone.jpg?itok=WjQwnjHc
Vodafone Idea partners with cii techsaksham project for msmes to adapt in the digital age

MUMBAI: Vodafone Idea, in partnership with Confederation of Indian Industry (CII), Ministry of MSMEs and other tech giants like Intel, Dell, HP, WhatsApp, and Banking Partner YES BANK have already initiated an exclusive digital project TECHSAKSHAM- focused on supporting MSMEs in India to become...

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/10/14/susten.jpg?itok=xP4pz6Yw
Mahindra Susten promotes greater sustainability with #CutTheCrap campaign

MUMBAI: India’s leading solar energy company, Mahindra Susten Private Limited, initiated a unique campaign #CutTheCrap to reinforce the importance of reusing and recycling for a sustainable future. The concept behind #CutTheCrap was to talk about waste segregation and its benefits to the...

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/10/14/srisjtey.jpg?itok=YuXMuN9K
Grasim Industries appoint Srishti Sawhney as President and Global Brand Head, Pulp & Fibre

MUMBAI: Grasim Industries has appointed Srishti Sawhney as the President and Global Brand Head for Pulp & Fibre Business. In her new role, Sawhney’s mandate will be to strengthen and enhance the communication and branding of the ingredient brand Liva. She will also chart out the strategy to...

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/10/14/paintene.jpg?itok=Ry9XQOYN
Pantene launches its new #freedomhair campaign, inspiring girls to write their own story

MUMBAI: These are undoubtedly transformative times for young girls around the world, and Indian girls are also fuelling the winds of change. Caught between the ways of a traditional culture - that can get prescriptive on aspects like what they ought to wear, study, whom to marry and even how to...

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/10/14/ada.jpg?itok=E4rzXBNk
EaseMyTrip Joining Hands with Malaysia Tourism to promote the Destination

MUMBAI: EaseMyTrip.com, (EMT) one of the leading players in the Online Travel Aggregators segment, has joined hands with Malaysia Tourism Board to promote the destination amongst Indian tourists and offer customized tour packages for Malaysia at attractive rates. For promoting tourism in Malaysia,...

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/10/14/dentsu.jpg?itok=XhbLFiId
Flying Machine, Dentsu India stretch the limit with new campaign for F-LITE denim

MUMBAI: Dentsu India, the brand solutions agency from Dentsu Aegis Network, has launched a new campaign to introduce Flying Machine’s new product, the F-Lite denim.

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/10/14/ranveer.jpg?itok=4VMyRrjz
Manyavar appoints Ranveer Singh as new face of brand

MUMBAI: Indian-wear brand Manyavar has announced the name of Bollywood actor Ranveer Singh as its new brand ambassador. As a part of the association, Ranveer Singh will be seen endorsing the brand’s latest festive collection through a slew of commercials spread across television, digital, and...

MAM Media and Advertising People
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/10/14/Manasvita_Subramaniam.jpg?itok=RytbFW4D
Why digital marketing needs a holistic approach

Digital marketing has taken over the traditional methods of interacting with consumers for brands and businesses in an overwhelming manner. This has led to a major shift in the marketing and advertising industry. The concept of digital marketing is not only new and intimidating but also rapidly...

MAM Media and Advertising Digital Agencies
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/10/14/vdo.jpg?itok=aLvAQqpe
Video hosting, ad distribution, monetisation solutions on one platform: VDO.AI

The world of video is constantly changing and evolving. Brands and platforms are looking for interactive solutions to monetise and distribute their content. The new platform of VDO.AI helps clients to target exactly these aspects from one point.

MAM Digital

Sign up for our Newsletter

subscribe for latest stories