Twentieth Century Fox and Star, the satellite broadcaster, have joined forces to launch Fox Star Studios, a new business which will span movie production, marketing and distribution.
The News Corp. owned units said the 50:50 joint venture will deliver slates of local language films in Asia, kicking off in India before expanding its presence into South-East Asia and establishing a foothold in Greater China.
Paul Aiello, chief executive of Star, said the formation of the new venture was an expression of the company’s confidence in the market and the region.
”The formation of Fox Star studios marks a new milestone for STAR’s expansion into the business of filmed entertainment beyond television broadcasting and underscores our growing confidence in the market,” he said.
Although the company did not reveal its production targets, industry sources speculated that the venture would release three films before the year-end, with ten films targeted in 2009.
Vijay Singh, currently head of strategy and corporate development at Star India, will head up the new venture in India.