Network18 Media and Investments venture capital arm, Capital18 has entered into an agreement with Carnival Films Private Limited to divest its stake in Stargaze Entertainment Private Limited. Stargaze operates multiplexes in emerging urban cities under the Glitz Cinemas banner. Capital18 is a majority shareholder at Stargaze and the transaction is expected to be completed within the current financial year and is expected to resuld in a profitable exit for Capital18.
This follows the acquisition of Reliance MediaWorks multiples business by Carnival Cinemas. The transaction, once completed, will help Carnival enter the list of top three multiplex operators in the country, with over 300 screens nationwide.