India’s Reliance Entertainment in Hollywood deal

India’s Reliance Entertainment in Hollywood deal
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First Published: Mon, May 19 2008. 01 39 PM IST
Updated: Mon, May 19 2008. 01 39 PM IST
Reuters
Mumbai : A unit of India’s diversified Reliance ADA group, controlled by billionaire Anil Ambani, said it has signed deals with eight Hollywood production houses, as it seeks a bigger global presence.
Reliance Big Entertainment will develop and co-finance some of the projects emanating from these deals, and secure the Indian rights, it said, without specifying financial details.
“They are part of (our) long-term strategy for media investments in Hollywood... to build a fully integrated movie company with substantial holdings in production, distribution and exhibition,” it said in a statement at the weekend.
The deals are with production houses including George Clooney’s Smokehouse Productions, Tom Hanks’ Playtone Productions, Brad Pitt’s Plan B Entertainment, Chris Columbus’ 1492 Pictures and Nicolas Cage’s Saturn Productions, it said.
Los Angeles-based Creative Artists Agency was “instrumental in brokering the deals”, and is advising Reliance on its Hollywood strategy, it said.
The company expects to generate about 30 scripts from the deals, and would be a co-producer, a part producer or a distributor of the movies, the Economic Times said, citing Chairman Amit Khanna.
Reliance Entertainment, which controls Reliance Big Entertainment, aims to have a presence across content and distribution platforms including television and digital media.
It controls producer and exhibitor Adlabs Films Ltd, a private FM network, as well as gaming portal Zapak.
Billionaire investor George Soros recently paid $100 million for a minority stake in Reliance Entertainment, which the company said valued it at $3 billion.
India’s UTV Motion Pictures, a unit of UTV Software Communications, has co-production deals with Hollywood studios including News Corp’s 20th Century Fox.
Walt Disney Studios, Viacom Inc and Sony Pictures are doing co-production deals in India, home to the world’s most prolific movie industry.
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First Published: Mon, May 19 2008. 01 39 PM IST