MAM

Reliance MediaWorks sells multiplex business to Carnival Cinemas

https://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/mam-images/2014/12/15/mam%20mam.jpg?itok=vrR1paQ5

MUMBAI: Reliance MediaWorks (RMW) and Carnival Cinemas have announced the signing of definitive agreements for sale of RMW's multiplexes business to Carnival Cinemas in the largest ever deal in the sector in India.



The proposed transaction will catapult Carnival to the ranks of the top three multiplex operators in the country, with over 300 screens nationwide, and set the company firmly on its path to achieve leadership in the business.



Carnival Group chairman Shrikant Bhasi said, “I am thankful to Reliance Group chairman Anil D. Ambani for his support to a first generation entrepreneur like me, and in facilitating this transaction with Carnival Cinemas in preference to other leading cinema chains. We are targeting to achieve 1,000 screens by the year 2017, and look forward to the continued support of Reliance Group in our future growth."



Reliance Capital CEO Sam Ghosh added, "We are delighted to begin a long term relationship with the rapidly growing Carnival Group, through the sale of the multiplexes business of Reliance MediaWorks to them. We look forward to supporting the Group in their future growth initiatives in India and overseas.”



“The proposed transaction is in furtherance of Reliance Capital's stated objective of focusing purely on its core financial services businesses, significantly reducing exposure to non-core investments in the media and entertainment sector, and reducing overall debt," added Ghosh.



The transaction will reduce Reliance Capital's leverage by approximately Rs 700 crore, through a combination of transfer of debt of RMW and infusion of cash proceeds.



The deal excludes real estate owned by RMW at IMAX Wadala and other properties, which are intended to be separately monetised for an approximate value of Rs 200 crore.



Reliance Capital will have the option to acquire a pre IPO minority stake in Carnival Cinemas at an appropriate discount, upon eventual listing of the Company.



“We are very serious about exhibition business and are moving in an organic way also. Carnival Cinemas will not only make their presence in tier I but would lay emphasis for strong presence across tier II & III cities. We want to make Cinemas synonymous to Carnival” added Bhasi.



The proposed transaction is subject to necessary statutory and other approvals and is expected to be closed within the current financial year.



 EY are deal advisors to Reliance Group, and KPMG are acting as deal advisors for Carnival Group.

Latest Reads

https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/10/21/dsc.jpg?itok=VxL-B5Ll
OnePlusTV partners with Reliance Digital for launch

Reliance Digital, India’s No. 1 electronics retailer has partneredwith OnePlus for the exclusivelaunch of OnePlus TV line-upacross its retail outlets. Both the OnePlus TV 55 Q1 and OnePlus TV 55 Q1 Prowere unveiled today at the Reliance Digital Store in Prabhadevi.

MAM Marketing Brands
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/10/19/Suvodeep_Das.jpg?itok=GWTPZ5eI
For a B2B brand, marketing needs to have a deeply symbiotic relationship with sales

Marketing for a B2B brand is becoming more personalised than ever before. Sounds counter-intuitive, right? After all, B2B essentially means selling to a ‘business’, which is a huge entity, and, hence, impersonal. However, in the constantly ‘disrupted’ business world of today, the reality could not...

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/10/19/Whirlpool.jpg?itok=XVQYpgZy
Whirlpool embraces Every day, Care with brand-new ad campaign

MUMBAI: Whirlpool as a brand has always been about trust and care. Care can be beautiful, care can be messy, care can be unstated. Built around the many facets of care is Whirlpool’s new campaign. It celebrates the little moments of care for our loved ones. Not once a year, not once an anniversary...

MAM Media and Advertising Ad Campaigns
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/10/18/haier.jpg?itok=WoNe1L41
Haier India salutes the ‘Silent Performers’ of India with its latest TV commercial

MUMBAI: Haier, the global leader in Home Appliances & Consumer Electronics and World’s Number 1 brand in Major Appliances for 10 Consecutive Years*, today announced the launch of its latest TVC based on the recently launched Direct Motion Washing Machine (HW100- DM14876TNZP and HW80-...

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/10/18/iprospect.jpg?itok=pvXuLyQB
iProspect India launches Voice Assist

MUMBAI: iProspect India, the digital performance agency from the house of Dentsu Aegis Network, has launched iProspect Voice Assist for its clients. In addition to vernacular and video, voice is steadily becoming one of the main drivers in today’s digital ecosystem. Therefore, to provide tech-...

MAM Media and Advertising Digital Agencies
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/10/18/iab.jpg?itok=2S0cqBMp
IAB Southeast Asia and India enter into exclusive partnership with Comexposium India to bring certified training to ad:tech Mumbai and New Delhi

MUMBAI: The Interactive Advertising Bureau Southeast Asia and India (IAB SEA+India) and Comexposium India have announced their exclusive partnership in India for specialist certified Masterclasses which will feature as part of ad:tech Mumbai and ad:tech New Delhi.

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/10/18/kantar.jpg?itok=8F3oVQSB
Berlin, Auckland and Moscow lead global mobility, Kantar study finds

MUMBAI: Berlin and Aucklandare the world leaders in urban mobility, according to new analysis from Kantar’s Mobility Futures study. The German capital tops Kantar’s City Mobility index on account of its cost-effective travel and ease of access to a wide variety of public transport infrastructure...

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/10/18/shopclues.jpg?itok=IilJMF7L
It’s raining Tech Deals & Discounts on ShopClues Maha Diwali Flea Mela

MUMBAI: ShopClues, the online shopping paradise where real Bharat shops, has turned up the heat for Diwali with its ongoing ‘Maha Diwali Mela’ that has lined up some jaw-dropping deals on gadgets, phones and other tech products for its customers. The mega festive sales that are on till October 20,...

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/10/18/bombay.jpg?itok=QMG810J-
Bombay Dyeing and TOI urge India to #TakeBackSleep

MUMBAI: Bombay Dyeing, India’s most trusted brand in Home Décor along with The Times of India, India’s largest English newspaper daily, have joined hands to launch a unique cause called #TakeBackSleep. Launched just before Diwali, #TakeBackSleep highlights the importance of adequate sleep for...

MAM Marketing MAM

Sign up for our Newsletter

subscribe for latest stories