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PVR snaps up DT Cinemas for Rs 500 crore
MUMBAI: PVR has entered into definitive agreements to acquire the cinema exhibition business of DLF Utilities Ltd, which is operated under the brand name DT Cinemas for Rs 500 crore.
Sold to PVR on a slump sale basis, DT Cinemas operates 29 screens with approximately 6,000 seats across eight properties in the National Capital Region (NCR) and Chandigarh. Over the next 12 months, DT Cinemas has plans to add 10 new screens at two properties in NCR.
Currently, PVR has 467 screens across 105 locations in 43 cities. As a result of the proposed acquisition, PVR’s presence will span across 44 cities with 506 screens and 115 multiplexes.
The proposed transaction will be subject to approval of applicable statutory and regulatory approvals and satisfaction of customary conditions precedent.
PVR chairman cum managing director Ajay Bijli said, “It has been our strategy to expand our film exhibition business both organically and inorganically over the years. This acquisition is in pursuance of our core strategy to offer a world class cinema experience to the discerning Indian consumer.”
DLF Rental Business CEO Sriram Khattar added, “We are pleased to sell DT Cinemas to PVR, which is a high quality provider of cinema experience. Combining our unrelenting focus on providing a ·wholesome experience at our malls with PVR ‘s deep knowledge of the cinema business, we look forward to continue enhancing our best in class offerings for the customers.”
Shardul Amarchand Mangaldas & Co was the legal advisor to PVR and EY India and Luthra & Luthra were financial and legal advisors respectively to DLF.
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UK’s OnlyFans seeks US investor at $3bn valuation after owner’s death
The adult video platform is seeking stability after the death of its billionaire owner
LONDON: OnlyFans is looking for a new partner. The London-based adult video platform is in advanced talks to sell a minority stake of less than 20 per cent to Architect Capital, a San Francisco-based investment firm, in a deal that would value the business at more than $3bn (£2.2bn).
The move is driven by an urgent need for stability. Leonid Radvinsky, the Ukrainian-American billionaire who owned OnlyFans, died of cancer last month at the age of 43, leaving the future of one of Britain’s most profitable privately held businesses suddenly uncertain.
The choice of Architect Capital is not arbitrary. The firm has deep expertise in financial services, which aligns neatly with OnlyFans’ ambitions to offer banking products to its creators, many of whom have long struggled to access basic financial services because of the nature of their work.
The numbers behind OnlyFans are, by any measure, staggering. The platform posted revenues of $1.4bn in the year to 30th November 2024, with a pre-tax profit of $684m, up four per cent on the prior year. Payments to creators totalled $7.2bn over the same period, a rise of nearly ten per cent. Radvinsky personally collected $701m in dividends from the business in 2024 alone, on top of more than $1bn in such payments he had already received. The platform, run through its parent company Felix International, hosts 4.6m creator accounts, with performers keeping 80 per cent of subscription proceeds and the platform pocketing the remaining 20 per cent. It has 377m fan accounts in total.
The current minority stake talks represent a notable scaling back of ambitions. In January, OnlyFans was reported to be in discussions with Architect about selling a majority stake of 60 per cent. Before that, the company had explored a sale to a consortium led by Forest Road Company, a Los Angeles-based investment firm. Neither deal materialised.
OnlyFans has built an enormously lucrative business on content that mainstream finance has long refused to touch. Now, with its owner gone and a $3bn valuation on the table, it is looking for the kind of respectable institutional backing that might finally persuade the banks to take its calls.
