Memories and popcorn...
Yep, that is what Twitter users are talking about post the PVR-Sathyam deal!
Not in the loop yet? Here’s what happened:
Recently, the premium multiplex chain PVR said it was acquiring SPI cinemas, owners of Sathyam Cinemas, one of the largest cinema exhibitors in South India. In a cash and stock deal, PVR will acquire SPI Cinemas, which also operates brands like Escape, Palazzo, The Cinema and S2, at an enterprises valuation of over Rs 850 crore, according to Economic Times.
Post the acquisition, PVR’s total screen count will increase to 706 screens across 152 properties and 60 cities, making PVR the 7th largest cinema exhibitor in the world in terms of annual admissions at its theatres.
Though this is being touted as a groundbreaking deal for PVR, Twitter users did not seem on-board with it.
Here’s how they reacted:
According to reports, the owners of SPI Cinemas, Kiran M Reddy and Swaroop Reddy, will continue to remain associated with the business and provide strategic guidance in integrating the business with PVR.
“The Popcorn is Safe...”
“Thoughts and Prayers...”
The transaction is expected to be closed in the next 30 days and the merger process is expected to be completed in the next 9-12 months.
What are your thoughts about this acquisition? Let us know in the comments section below.
With inputs from The Economic Times.
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