NEW DELHI: Network18 Media has announced its exit from multiplex business. It has sold its stake in Stargaze Entertainment to Carnival Films, says a PTI report.
Financial details have not been disclosed.
Network 18's venture capital arm Capital18 Fincap said it has entered into an agreement with Carnival Films Private Limited to divest stake in multiplex operator Stargaze Entertainment, which operates multiplexes under the brand name of 'Glitz Cinemas'.
Capital 18 is a majority shareholder at Stargaze and the transaction. 'The transaction is expected to be completed within the current financial year and will result in a profitable exit for Capital18,' the firm said in a BSE filing.
South India based Carnival Films will now become the majority stake holder in Stargaze.
Recently, Carnival bought Big Cinemas from Reliance Group for an estimated Rs 700 crore, the biggest ever in this sector.