Mumbai, May 20 (IANS) The Anil
Ambani-led group's deals with eight Hollywood production houses gives
credence to the prediction of American billionaire investor George Soros
that India will play "a crucial role" in the global entertainment and
media industry in the coming years.
Soros made this remark while investing $100 million in Reliance BIG
Entertainment last year.
The announcement at Cannes Sunday also came a week after
Metro-Goldwyn-Mayer Studios (MGM) announced the appointment of Bedi A.
Singh, an Indian based in the USA, as president, finance and
administration and chief financial officer of MGM.
Singh, until recently the executive vice president and chief financial
officer of Gemster-TV Guide International, will report directly to Harry
E. Sloan, chairman and CEO of MGM.
Though these two incidents are unrelated, they corroborate the fact that
the Indian presence in Hollywood is gradually increasing and the
Reliance BIG Entertainment's deals, by far the biggest by an Indian
(billionaire Anil Ambani), has given the rising trend a big boost.
The company's first major media investment abroad, it will enhance its
global presence and will indirectly provide India's emerging image of an
economic powerhouse an extra sheen.
"It's a big deal. I think, every Indian should feel proud that an Indian
company has made such an empathic inroad into Hollywood. Though it is
essentially a business deal, it will improve India's image abroad,"
Manmohan Shetty, the erstwhile CEO of Reliance-Adlabs, told IANS.
UTV is another Indian company which has now made its presence felt in
Hollywood. Its co-production venture with 20th Century Fox, "The
Happening," directed by Manoj Night Shyamalan. Is due for release next
month.
Till recently, it was the only Indian company to have projects with
major Hollywood studios like Walt Disney (which has bought 32.10 percent
stake, valued $230 million, in the company) and a tie-up deal with Will
Smith's production house, Overbrooks, to produce two movies, one a
live-action and the animation.
It has also announced its first independent Hollywood venture
"Ex-terminators"
UTV admits that Reliance BIG Entertainment's Hollywood deal is
spectacular.
"I personally have nothing to comment on the deal because I do not know
the details. But, from what appears in the newspapers, it seems a good
business deal, good for the company," remarked Siddharth Roy Kapoor, CEO
of UTV Motion Pictures.
Bollywood's independent producers and production houses have also
reacted positively to the Reliance BIG Entetainment's Hollywood deal.
"But I do not see how this particular deal will help Bollywood as
Reliance BIG Entertainment will invest in Hollywood. Yes, I agree, it
will improve India's image abroad," Shyam Shroff, of India's renowned
distribution firm, Shringar Films, which also runs the Fame multiplex
chain, told IANS.
After having sealed its partnership deals with eight major studios and
its co-financing arrangement with a few independent production houses of
such stars as Nicholas Cage, Tom Hanks and Jim Carrey, Reliance BIG
Entertainment has emerged truly as a fully integrated movie company with
stakes in every department of film trade - production, distribution,
exhibition, and post-production.
About 200 exhibition outlets that Reliance BIG Entertainment has bought
over in cities across North America, not to speak of its properties in
India, will give the company an edge to market its movie products and
retain its hold over them.
For Reliance BIG Entertainment, the Hollywood deal is only a first step
towards making big strides in the global entertainment domain as a "new
generation media company," as Reliance ADA Group describes it.
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