India’s largest multiplex operators to merge, creating cinema giant By Reuters


© Reuters. FILE PHOTO: A worker wearing protective gear sprays disinfectant inside an empty PVR multiplex that was closed following the outbreak of the coronavirus disease (COVID-19), in New Delhi, India July 31, 2020. REUTERS/Adnan Abidi/File Photo

NEW DELHI (Reuters) – India’s two largest multiplex firms said on Sunday they would merge to create a giant cinema operator with more than 1,500 screens across 109 cities as the entertainment industry recovers from the COVID-19 pandemic.

PVR and INOX Leisure said the merger, which is subject to regulatory approvals, would help both companies improve efficiency, reach newer markets and optimise cost.

“The film exhibition sector has been one of the worst impacted sectors on account of the pandemic and creating scale to achieve efficiencies is critical for the long-term survival of the business and fight the onslaught of digital OTT platforms,” PVR Chairman Ajay Bijli said in a press release.

Over-the-top, or OTT, platforms such Netflix (NASDAQ:), Amazon (NASDAQ:)’s Prime Video and Disney have made deep inroads in India, where the pandemic ravaged a film industry known for song-and-dance spectacles watched by millions.

PVR is India’s largest multiplex chain with more than 850 screens, followed by INOX Leisure with about 650 screens.

The merger follows a two-year period when most theatres were shut due to COVID-19 restrictions.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source Link