Big news Vashu Bhagnani sells Pooja Entertainment office post blames

Vashu Bhagnani’s Pooja Entertainment Hit by Financial Crisis Amid Salary Disputes

Vashu Bhagnani’s Pooja Entertainment, a cornerstone of Bollywood filmmaking, is currently grappling with severe financial difficulties almost forty years after its founding. Famous for producing hits such as Coolie No.1, Biwi No.1, and Hero No.1, the studio is now downsizing in the wake of multiple box office disappointments and escalating debts.

According to industry insiders, Vashu Bhagnani has sold the seven-floor headquarters of Pooja Entertainment to an undisclosed developer. The new owner plans to demolish the building to make way for an upscale residential complex. While the buyer’s identity and the sale price have not been disclosed, this sale underscores the financial pressures on Vashu Bhagnani’s enterprise.

In an effort to reduce expenses, Vashu Bhagnani has terminated nearly 80% of the company’s workforce. This downsizing began in January 2024 after Jagan Shakti’s project with Tiger Shroff was abandoned. Further reductions occurred in April, following the release and commercial failure of Bade Miyan Chote Miyan. The film grossed only Rs. 59.17 crores against its Rs. 350 crores budget, leading to losses estimated between Rs. 125-150 crores. Consequently, Vashu Bhagnani sold the office building to cover debts totaling about Rs. 250 crores.

The financial troubles for Vashu Bhagnani’s Pooja Entertainment started with the release of Bell Bottom in 2021, one of the first Bollywood films to premiere in theaters after the COVID-19 pandemic. Unfortunately, it underperformed at the box office, as did the subsequent release, Mission Raniganj. The company’s situation worsened when Ganapath, another high-budget film, failed and was even rejected by Netflix despite an acquisition deal. These setbacks were evident in the company’s financial records, and the significant expenditure on Bade Miyan Chote Miyan exacerbated the crisis.

Compounding the company’s troubles, an employee recently criticized Pooja Entertainment for not paying crew salaries. Additionally, reports have emerged that the main actors of Vashu Bhagnani’s recent flops were also not compensated. Responding to these allegations, Vashu Bhagnani has assured that outstanding salaries will be settled promptly. This is seen as a crucial step to restore trust among the staff and industry partners.

Despite these challenges, Vashu Bhagnani and his son Jackky Bhagnani are resolute in their efforts to revive Pooja Entertainment. The company has scaled back operations, relocating to a smaller office in Juhu, but it is not closing down. They are already in talks with actors and directors for new projects. Contrary to rumors, Vashu Bhagnani is continuing with Shahid Kapoor’s Ashwatthama project announced a few months ago.

Established in 1986, Pooja Entertainment has produced around 40 films. 

While the recent financial blow has been substantial, Vashu Bhagnani remains committed to rejuvenating Pooja Entertainment. The film industry and fans are keenly observing how Vashu Bhagnani navigates this tumultuous period and whether Pooja Entertainment can reclaim its former success.

Stay tuned to Bollywood Pollywood Lifez for further updates on Vashu Bhagnani and the future of Pooja Entertainment.

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