GV Films in talks to sell webcasting division for Rs 1 billion

MUMBAI: Chennai-based GV Films Ltd. is in negotiations to sell its webcasting division including rights to 6000 movies for Rs 1 billion.

The company had signed an MoU with I-Net Singapore, a leading infocomm technology solutions provider, to web stream movies. I-Net Singapore, a wholly owned subsidiary of MediaCorp which has a complete range of media businesses spanning TV, radio, movie productions, newspapers, magazines, electronic media and other broadcasting services, would have provided the backend mechanism and acted as a hub for GV Films to stream movie content from its portals, and

"We are in talks to sell our webcasting unit for over Rs 1 billion since this calls for specialist attention. We want to concentrate on physical assets like setting up multiplexes," says a senior executive of GV Films.

The company is planning to have 45 multiplexes in the southern states of India which would also have shopping malls. "We have already acquired two theatres and 10 more are in the process. We will be branding and refurbishing them. We aim to invest $10 million per theatre," says the executive.

The company plans to raise $300 million in overseas markets either through issue of foreign currency convertible bonds (FCCBs) or global depository receipts (GDRs). GV Films also expects to receive Rs 1 billion through its sale of the web-casting division. The company had paid Rs 900 million to acquire internet rights to 4000 Hindi films and 2000 movies in Telugu, Tamil, Malayalam and Kannada languages.

GV Films' plans to acquire an international TV channel, but negotiations have been deferred. "We intend to have a film channel that will cater to the Indian diaspora overseas. It will air Tamil, Telugu and Hindi movies. We are not looking at a footprint in India," says the executive.

Latest Reads
Zee Cinema to air the World TV Premiere of the family entertainer Pad Man on Saturday, 26th May at 8PM

The people who are crazy enough to think they can change the world are the ones who do. A movie that dared to break stereotypes and talk about a tabooed topic, Pad Man was instrumental in creating a platform to discuss female hygiene in the country. Helmed by the celebrated director R Balki, Pad...

Television TV Channels Movie Channels
TV Today board recommends 45% dividend; numbers up

The board of directors of TV Today Network Ltd (TVTN) has recommended a dividend of Rs 2.25 (45 per cent) per equity share of face value of Rs 5 each for the financial year ended 31 March 2018 (FY 2018, year, fiscal under review). The company has reported 10.7 per cent growth in consolidated total...

Television TV Channels News Broadcasting
Sony takes audiences to the crossroads with new show

MUMBAI: After being a leader in introducing mythological shows, Sony Entertainment Television (SET) is taking a different route. The channel’s latest offering is Zindagi ke Crossroads, a 39-episodic interactive show where the studio audiences will put forward their opinions on the challenges faced...

Television TV Channels GECs
Cosmos-Maya’s next international co-production is a spin-off series of the much talked about 3D Animation feature film Leo da Vinci: Mission Mona Lisa

is another high quality 3D animation international co-production - a spin-off series based on the recently released film Leo da Vinci: Mission Mona Lisa.

Television TV Channels Kids
EPIC TV & Penguin Present The Third Book Of The Devlok With Devdutt Pattanaik Series

Where did the name Radha come from? When did Christianity first come to India? What is the connection between sanskar and dharma? After the enormous success of the first two books in the ‘Devlok with Devdutt Pattanaik’ series, India’s favourite mythologist, Devdutt Pattanaik, is back with a third...

Television TV Channels Factual & Documentary
Banijay Asia and Salman Khan TV collaborates to create content for digital and tv

World’s largest independent content creation group, Banijay Group recently entered Indian & South East Asian market under the guidance of Deepak Dhar with an aim to produce content across genres. Banijay Asia &SK TV, which was launched few years back, come together to create novel and...

Television TV Channels GECs
DSport reaches 110 mn households in a year

DSport, the sports TV channel by Discovery Communications, has achieved the milestone of reaching 110 million households in India. The channel was launched on 6 February 2017 and achieved the milestone within one year of operations in India and has expanded its distribution across all DTH and...

Television TV Channels Sports
Star Suvarna to telecast 'Kannadada Kotyadhipati 2018' the Kannada version of 'Who wants to be a Millionaire' as part of its revamp

May 21, 2018: The third season of Kannadada Kotyadhipati, the Kannada version of ‘Who wants to be a Millionaire’, which sets the stage for a revamps of Star Suvarna, the Kannada GEC channel of Star Network will premiere in June’18. Since January 2018, the channel has gained viewership share in...

Television TV Channels Regional
Republic Network partners with CAF India to nurture the Culture of Giving amongst Indians as part of its first year celebration.

Republic TV, India’s number 1 English news channel for non-stop 53 weeks is celebrating its milestone first year anniversary in a unique and special way. Republic TV has partnered with Charities Aid Foundation (CAF) India, a not for profit organisation to fuel and accelerate the spirit of giving...

Television TV Channels News Broadcasting

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories