Category: Production House

FY-16: Higher tax, lesser films release lowers Balaji Telefims revenue, profit

BENGALURU: Balaji Telefilms Limited (Balaji) reported 15.5 percent decline in consolidated total revenue from operations (TIO) for the year ended 31 March 2016 (FY-16, current year). The company’s consolidated profit after tax (PAT) in the current year declined to less than half as compared to the previous year. Balaji attributes the decline in consolidated TIO to release of just one film in the current fiscal as compared to five in the FY-15. Further, the company had to pay more than a five-fold (5.6 times) increase in income tax in the current year as compared to FY-15.

Balaji’s reported consolidated TIO in FY-16 at Rs 292.76 crore as compared to Rs 342.65 crore in the previous year. PAT in FY-16 was Rs 2.74 crore (1 percent PAT margin) as compared to Rs 5.63 crore (1.6 percent PAT margin) in FY-15.

Note: The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:
(a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.
(b) 10,000 lakh = 100 crore = 1 arab = 1 billion.

EBIDTA in the current year declined 2 percent to Rs 5.95 crore (2 percent EBIDTA margin) as compared to 6.06 crore (1.7 percent EBIDTA)

For the quarter ended 31 March 2016 (Q4-16, current quarter), Balaji reported 6 percent year-over-year (y-o-y) growth in consolidated TIO at Rs 83.23 crore as compared to Rs 77.81 crore in Q4-15, and a 12 percent quarter-over-quarter (q-o-q) growth from Rs 73.15 crore in Q3-16.

Revenue for the quarter from commissioned programs (including Nach Baliye) declined to Rs 55.64 crore as compared to Rs 59.51 crore in Q1-15 and Rs 71.27 crore in the immediate trailing quarter. The company says that the decline in revenues for Q4-16 was due to Meri Aashiqui Tum Se Hi, Itna Karo Na Mujhe Pyaar and Pyar Ko Ho Jane Do going off air during the quarter.

The company created lesser hours of programming in Q4-16 as compared to during the corresponding year ago quarter and during the immediate trailing quarter. Total programming hours in Q1-16 were 247 as compared to 258 in Q1-15 and 294.5 hours in Q3-16. Net realisation per hour in Q4-16 increased to Rs 22.5 lakh as compared to Rs 22 lakh in Q1-15, but declined when compared to Rs 24.2 lakh in Q3-16.

Balaji reported a net loss of Rs 13.28 crore in the current quarter as compared to PAT of Rs 9.61 crore in Q1-15 and PAT of Rs 6.64 crore in Q3-16.

May 17, 2016
Q1-16-Televison, Consumer Products, New Media drive up DreamWorks Animation numbers

BENGALURU: DreamWorks Animation SKG Inc., (DWA) reported 14.4 percent year-over-year (y-o-y) growth in revenue for the quarter ended 31 March 2016 (Q-16, current quarter) The company reported revenue of $190.44 million in Q1-16 as compared to $106.17 million in the corresponding year ago quarter. Further, it reported net income attributable to DWA of $13.84 million in the current quarter as compared to a loss of $54.78 million in Q1-15. The growth in revenue was driven by performance in the Television Series and Specials, Consumer Products and New Media segments.

“I am happy to report another strong quarter of financial results, which I believe reflect continued execution on our strategy of transitioning DreamWorks Animation into a global family entertainment company,” said DWA CEO Jeffrey Katzenberg, “I’m excited to be passing the baton to Comcast, as I know they will continue to build on the foundation we’ve established over the past 22 years.”

On April 28, 2016 NBCUniversal, a division of Comcast Corporation, announced the acquisition of DreamWorks Animation. The transaction is expected to close by the end of 2016, subject to receipt of regulatory approvals in the U.S. and abroad, as well as the satisfaction of other customary closing conditions. Following the completion of the transaction, DreamWorks Animation CEO and co-founder Jeffrey Katzenberg will become chairman of DreamWorks New Media, which will be comprised of the company’s ownership interests in Awesomeness TV and NOVA. Katzenberg will also serve as a consultant to NBCUniversal.

Note: Beginning in the quarter ended 31 March 2016, DWA says that it has changed the method by which intellectual property costs are charged to the Consumer Products segment to provide better comparability to peers and to be similar to the method used in the Television Series and Specials segment while minimizing segment volatility. As a result, the Consumer Products segment no longer bears amortization of capitalized production costs for the use of Film and TV segment intellectual property. Instead, the Consumer Products segment is charged a royalty fee which will compensate the originating segment for the use of intellectual property. There is no change to DWA’s consolidated financials, as DWA’s ultimate revenues and the amortization of capitalized production costs remain unchanged. This methodology impacts segment reporting only. All prior-year period figures have been updated to reflect this new methodology, says the compny.

Segment numbers
Feature Films segment

Feature Films segment’s revenues for Q1-16 declined 26.7 percent to $94.3 million, compared to $128.7 million in Q1-15. Revenues in the current quarter were favourably impacted by the worldwide pay television distribution of How to Train Your Dragon 2 and Mr. Peabody and Sherman, higher home entertainment sales and recoveries of $6.3 million from previously established home entertainment reserves related to sales through DWA’s former primary theatrical distributor. Segment gross profit for Q1-16 of $26.1 million was 31.5 percent lower compared to $38.1 million in the prior-year period.

Television Series and Specials segment

Revenues for Q1-16 from the Television Series and Specials segment more than tripled (3.14 times) to $57.0 million, compared to $18.1 million during the corresponding prior-year period. DWA says that the increase in revenues was attributable to a significantly higher number of episodes delivered under its episodic content licensing arrangements. Segment gross profit in the current quarter increased six-fold to $21.1 million from $3.5 million in Q1-15. The increase was primarily driven by higher revenues and lower marketing expenses, says DWA.

Consumer Products segment

Revenues from DWA’s Consumer Products segment increased 50 percent y-o-y in Q1-16 to $21.4 million, compared to $14.3 million in the same period last year. DWA says that the increase was primarily due to revenues earned from location-based entertainment initiatives during the current quarter. Revenue for both the current and prior year quarters also included contributions from merchandise licensing arrangements. Segment gross profit increased 60 percent y-o-y to $15.0 million in the current quarter from $9.4 million in the prior-year period.

New Media segment

Revenues from DWA’s New Media segment more than tripled (3.3 times) in Q1-16 to $15.2 million compared to $4.6 million during Q1-15. This increase was primarily attributable to revenue generated from licensing and distribution of content and to a lesser extent, brand sponsorship and talent management arrangements says DWA. Segment gross profit for Q1-16 also more than tripled (3.1 times) to $6.5 million from $2.1 million in the prior-year period, primarily due to higher revenues.

May 9, 2016
Q1-16-Televison, Consumer Products, New Media drive up DreamWorks Animation numbers

BENGALURU: DreamWorks Animation SKG Inc., (DWA) reported 14.4 percent year-over-year (y-o-y) growth in revenue for the quarter ended 31 March 2016 (Q-16, current quarter) The company reported revenue of $190.44 million in Q1-16 as compared to $106.17 million in the corresponding year ago quarter. Further, it reported net income attributable to DWA of $13.84 million in the current quarter as compared to a loss of $54.78 million in Q1-15. The growth in revenue was driven by performance in the Television Series and Specials, Consumer Products and New Media segments.

“I am happy to report another strong quarter of financial results, which I believe reflect continued execution on our strategy of transitioning DreamWorks Animation into a global family entertainment company,” said DWA CEO Jeffrey Katzenberg, “I’m excited to be passing the baton to Comcast, as I know they will continue to build on the foundation we’ve established over the past 22 years.”

On April 28, 2016 NBCUniversal, a division of Comcast Corporation, announced the acquisition of DreamWorks Animation. The transaction is expected to close by the end of 2016, subject to receipt of regulatory approvals in the U.S. and abroad, as well as the satisfaction of other customary closing conditions. Following the completion of the transaction, DreamWorks Animation CEO and co-founder Jeffrey Katzenberg will become chairman of DreamWorks New Media, which will be comprised of the company’s ownership interests in Awesomeness TV and NOVA. Katzenberg will also serve as a consultant to NBCUniversal.

Note: Beginning in the quarter ended 31 March 2016, DWA says that it has changed the method by which intellectual property costs are charged to the Consumer Products segment to provide better comparability to peers and to be similar to the method used in the Television Series and Specials segment while minimizing segment volatility. As a result, the Consumer Products segment no longer bears amortization of capitalized production costs for the use of Film and TV segment intellectual property. Instead, the Consumer Products segment is charged a royalty fee which will compensate the originating segment for the use of intellectual property. There is no change to DWA’s consolidated financials, as DWA’s ultimate revenues and the amortization of capitalized production costs remain unchanged. This methodology impacts segment reporting only. All prior-year period figures have been updated to reflect this new methodology, says the compny.

Segment numbers
Feature Films segment

Feature Films segment’s revenues for Q1-16 declined 26.7 percent to $94.3 million, compared to $128.7 million in Q1-15. Revenues in the current quarter were favourably impacted by the worldwide pay television distribution of How to Train Your Dragon 2 and Mr. Peabody and Sherman, higher home entertainment sales and recoveries of $6.3 million from previously established home entertainment reserves related to sales through DWA’s former primary theatrical distributor. Segment gross profit for Q1-16 of $26.1 million was 31.5 percent lower compared to $38.1 million in the prior-year period.

Television Series and Specials segment

Revenues for Q1-16 from the Television Series and Specials segment more than tripled (3.14 times) to $57.0 million, compared to $18.1 million during the corresponding prior-year period. DWA says that the increase in revenues was attributable to a significantly higher number of episodes delivered under its episodic content licensing arrangements. Segment gross profit in the current quarter increased six-fold to $21.1 million from $3.5 million in Q1-15. The increase was primarily driven by higher revenues and lower marketing expenses, says DWA.

Consumer Products segment

Revenues from DWA’s Consumer Products segment increased 50 percent y-o-y in Q1-16 to $21.4 million, compared to $14.3 million in the same period last year. DWA says that the increase was primarily due to revenues earned from location-based entertainment initiatives during the current quarter. Revenue for both the current and prior year quarters also included contributions from merchandise licensing arrangements. Segment gross profit increased 60 percent y-o-y to $15.0 million in the current quarter from $9.4 million in the prior-year period.

New Media segment

Revenues from DWA’s New Media segment more than tripled (3.3 times) in Q1-16 to $15.2 million compared to $4.6 million during Q1-15. This increase was primarily attributable to revenue generated from licensing and distribution of content and to a lesser extent, brand sponsorship and talent management arrangements says DWA. Segment gross profit for Q1-16 also more than tripled (3.1 times) to $6.5 million from $2.1 million in the prior-year period, primarily due to higher revenues.

May 9, 2016
Viacom Vantage launches data driven marketing solution exclusively for Movie Studios

MUMBAI: Viacom unveiled Vantage Studio Edition, a data-driven marketing solution purpose-built for the movie industry. Vantage Studio Edition offers data to find target audiences while maintaining broad awareness.

“Movie studios are enthusiastic about Vantage Studio Edition because they no longer have to sacrifice targeting for scale – this product is designed to deliver both with maximum impact,” said SVP data strategy Bryson Gordon. “The introduction of this new matched dataset gives studio marketers an unprecedented level of control and optimization in their marketing plans, while also delivering broad awareness for their film.” He added.

Using title-level movie ticket purchase data matched with household viewing behaviors, Vantage has tuned its predictive engine to meet the specific needs of studio marketers. Studio Edition can identify the most qualified impressions for a specific movie campaign while also maximizing broad reach and awareness.

Vantage Studio Edition has pre-built instant audiences to help studios quickly target specific genres, such as comedy, family, sci-fi, horror, action, and consistent moviegoers, while also enabling marketers to bring their own first-party segments from data management platforms to optimize their media plans.

Recent research using the integrated dataset showed the power of television to deliver ticket sales:
• Exposure to a single television ad increased ticket sales by 70% while no ad exposure on television showed sales 59% below average.
• Advertising on Viacom outperformed competitive networks by 72% and when people saw a combination of trailer ads plus Velocity Integrated Marketing, the purchase rate increases 3.7 times.
As the Upfront season begins, Vantage Studio Edition expands the Vantage suite of data-driven ad solutions offered by the Marketing & Partner Solutions division. The recently launched products can stand alone, but also have a strategic connection to each other. Products include:
• Vantage Instant Audience – makes the power of Vantage accessible to a broader array of clients by simplifying the data-driven targeting process
• Target Discovery – uses sophisticated data-mining techniques to help marketers identify “persuadables,” the consumers who are not currently using a particular brand but have the propensity to be receptive to the advertiser’s messaging
• Velocity Content Network – a virtual network of custom creative branded content programs informed by data that will be distributed across social platforms and can include linear television
• Viewprint – enhances the level of visibility into consumer segments and helps focus creative aspects of a campaign
• Echo Social Graph 2.0 – which measures effectiveness of a social-by-design campaign

April 29, 2016
Viacom Vantage launches data driven marketing solution exclusively for Movie Studios

MUMBAI: Viacom unveiled Vantage Studio Edition, a data-driven marketing solution purpose-built for the movie industry. Vantage Studio Edition offers data to find target audiences while maintaining broad awareness.

“Movie studios are enthusiastic about Vantage Studio Edition because they no longer have to sacrifice targeting for scale – this product is designed to deliver both with maximum impact,” said SVP data strategy Bryson Gordon. “The introduction of this new matched dataset gives studio marketers an unprecedented level of control and optimization in their marketing plans, while also delivering broad awareness for their film.” He added.

Using title-level movie ticket purchase data matched with household viewing behaviors, Vantage has tuned its predictive engine to meet the specific needs of studio marketers. Studio Edition can identify the most qualified impressions for a specific movie campaign while also maximizing broad reach and awareness.

Vantage Studio Edition has pre-built instant audiences to help studios quickly target specific genres, such as comedy, family, sci-fi, horror, action, and consistent moviegoers, while also enabling marketers to bring their own first-party segments from data management platforms to optimize their media plans.

Recent research using the integrated dataset showed the power of television to deliver ticket sales:
• Exposure to a single television ad increased ticket sales by 70% while no ad exposure on television showed sales 59% below average.
• Advertising on Viacom outperformed competitive networks by 72% and when people saw a combination of trailer ads plus Velocity Integrated Marketing, the purchase rate increases 3.7 times.
As the Upfront season begins, Vantage Studio Edition expands the Vantage suite of data-driven ad solutions offered by the Marketing & Partner Solutions division. The recently launched products can stand alone, but also have a strategic connection to each other. Products include:
• Vantage Instant Audience – makes the power of Vantage accessible to a broader array of clients by simplifying the data-driven targeting process
• Target Discovery – uses sophisticated data-mining techniques to help marketers identify “persuadables,” the consumers who are not currently using a particular brand but have the propensity to be receptive to the advertiser’s messaging
• Velocity Content Network – a virtual network of custom creative branded content programs informed by data that will be distributed across social platforms and can include linear television
• Viewprint – enhances the level of visibility into consumer segments and helps focus creative aspects of a campaign
• Echo Social Graph 2.0 – which measures effectiveness of a social-by-design campaign

April 29, 2016
NBCUniversal announces Dreamworks Animation acquisition

MUMKBAI: NBCUniversal announced the acquisition of DreamWorks Animation (NASDAQ: DWA).
One of the world’s most admired family brands, DreamWorks Animation creates animated feature films, television series and specials, live entertainment and related consumer products. The studio will become part of the Universal Filmed Entertainment Group, which includes Universal Pictures, Fandango, and NBCUniversal Brand Development.

“DreamWorks Animation is a great addition to NBCUniversal,” said Steve Burke, CEO of NBCUniversal. “Jeffrey Katzenberg and the DreamWorks organization have created a dynamic film brand and a deep library of intellectual property. DreamWorks will help us grow our film, television, theme parks and consumer products businesses for years to come. We have enjoyed extraordinary success over the last six years in animation with the emergence of Illumination Entertainment and its brilliant team at Illumination Mac Guff studio. The prospects for our future together are tremendous. We are fortunate to have Illumination founder Chris Meledandri to help guide the growth of the DreamWorks Animation business in the future.”

Under the terms of the agreement, DreamWorks Animation has an equity value of approximately $3.8 billion. DreamWorks Animation stockholders will receive $41 in cash for each share of DreamWorks Animation common stock. The agreement has been approved by the boards of directors of DreamWorks Animation and Comcast, and the controlling shareholder of DreamWorks Animation has approved the agreement by written consent.

The transaction is expected to close by the end of 2016, subject to receipt of antitrust approvals in the U.S. and abroad, as well as the satisfaction of other customary closing conditions.

Following the completion of the transaction, DreamWorks Animation CEO and co-founder Jeffrey Katzenberg will become Chairman of DreamWorks New Media, which will be comprised of the company’s ownership interests in Awesomeness TV and NOVA. Katzenberg will also serve as a consultant to NBCUniversal.

“Having spent the past two decades working together with our team to build DreamWorks Animation into one of the world’s most beloved brands, I am proud to say that NBCUniversalis the perfect home for our company; a home that will embrace the legacy of our storytelling and grow our businesses to their fullest potential,” said Katzenberg. “This agreement not only delivers significant value for our shareholders, but also supports NBCUniversal’s growing family entertainment business. As for my role, I am incredibly excited to continue exploring the potential of AwesomenessTV, NOVA and other new media opportunities, and can’t wait to get started.”

The acquisition gives NBCUniversal broader reach to a host of new audiences in the highly competitive kids and family entertainment space, in both TV and film. It includes popular DreamWorks Animation film franchise properties, such as Shrek, Madagascar, Kung Fu Panda and How to Train Your Dragon. It also includes a thriving TV operation that is a significant supplier of family programming, with hundreds of hours of original, animated content distributed across linear and SVOD platforms in more than 130 countries. Additionally, DreamWorks Classics, a large library of classic characters, including Where’s Waldo, and Rudolph the Red-Nosed Reindeer, will become part of the NBCUniversal portfolio, along with a successful consumer products business.

Comcast was advised by Davis Polk & Wardwell LLP on legal matters. DreamWorks Animation was advised on financial matters by Centerview Partners and on legal matters byCravath, Swaine & Moore LLP. DreamWorks Animation’s Board of Directors was advised on legal matters by Munger Tolles & Olson LLP.

April 28, 2016
NBCUniversal announces Dreamworks Animation acquisition

MUMKBAI: NBCUniversal announced the acquisition of DreamWorks Animation (NASDAQ: DWA).
One of the world’s most admired family brands, DreamWorks Animation creates animated feature films, television series and specials, live entertainment and related consumer products. The studio will become part of the Universal Filmed Entertainment Group, which includes Universal Pictures, Fandango, and NBCUniversal Brand Development.

“DreamWorks Animation is a great addition to NBCUniversal,” said Steve Burke, CEO of NBCUniversal. “Jeffrey Katzenberg and the DreamWorks organization have created a dynamic film brand and a deep library of intellectual property. DreamWorks will help us grow our film, television, theme parks and consumer products businesses for years to come. We have enjoyed extraordinary success over the last six years in animation with the emergence of Illumination Entertainment and its brilliant team at Illumination Mac Guff studio. The prospects for our future together are tremendous. We are fortunate to have Illumination founder Chris Meledandri to help guide the growth of the DreamWorks Animation business in the future.”

Under the terms of the agreement, DreamWorks Animation has an equity value of approximately $3.8 billion. DreamWorks Animation stockholders will receive $41 in cash for each share of DreamWorks Animation common stock. The agreement has been approved by the boards of directors of DreamWorks Animation and Comcast, and the controlling shareholder of DreamWorks Animation has approved the agreement by written consent.

The transaction is expected to close by the end of 2016, subject to receipt of antitrust approvals in the U.S. and abroad, as well as the satisfaction of other customary closing conditions.

Following the completion of the transaction, DreamWorks Animation CEO and co-founder Jeffrey Katzenberg will become Chairman of DreamWorks New Media, which will be comprised of the company’s ownership interests in Awesomeness TV and NOVA. Katzenberg will also serve as a consultant to NBCUniversal.

“Having spent the past two decades working together with our team to build DreamWorks Animation into one of the world’s most beloved brands, I am proud to say that NBCUniversalis the perfect home for our company; a home that will embrace the legacy of our storytelling and grow our businesses to their fullest potential,” said Katzenberg. “This agreement not only delivers significant value for our shareholders, but also supports NBCUniversal’s growing family entertainment business. As for my role, I am incredibly excited to continue exploring the potential of AwesomenessTV, NOVA and other new media opportunities, and can’t wait to get started.”

The acquisition gives NBCUniversal broader reach to a host of new audiences in the highly competitive kids and family entertainment space, in both TV and film. It includes popular DreamWorks Animation film franchise properties, such as Shrek, Madagascar, Kung Fu Panda and How to Train Your Dragon. It also includes a thriving TV operation that is a significant supplier of family programming, with hundreds of hours of original, animated content distributed across linear and SVOD platforms in more than 130 countries. Additionally, DreamWorks Classics, a large library of classic characters, including Where’s Waldo, and Rudolph the Red-Nosed Reindeer, will become part of the NBCUniversal portfolio, along with a successful consumer products business.

Comcast was advised by Davis Polk & Wardwell LLP on legal matters. DreamWorks Animation was advised on financial matters by Centerview Partners and on legal matters byCravath, Swaine & Moore LLP. DreamWorks Animation’s Board of Directors was advised on legal matters by Munger Tolles & Olson LLP.

April 28, 2016
Prime Focus Technologies appoints Raghunath Mohanrao as COO; replaces Ganesh Sankaran

MUMBAI: Prime Focus Technologies has appointed IT veteran Raghunath Mohanrao as its new chief operating officer. Mohanrao will replace PFT co-founder and former COO Ganesh Sankaran.

Mohanroa joins PFT with an eye toward furthering PFT’s growth within the global media and entertainment markets. Sankaran is taking a sabbatical for 15 months to pursue an MBA, while remaining on the PFT Board of Directors.

“I’ve wanted to go back to school for my MBA for some time now, and with PFT in such a strong position, I know this is the right time. I’ve known Raghu for well over 18 years and am confident he is the right fit for PFT. I look forward to his leadership to take PFT to the next level of its growth journey,” said Sankiaran.

“Ganesh is taking a well-deserved break from the hot pursuit of building PFT from its inception in a garage to where it is now. Raghu is an accomplished technology leader in the media and entertainment space and his background and skills offer the best fit for what PFT requires as it charters the next level of innovation, delivery excellence and growth,” added Prime Focus Technologies founder and CEO Ramki Sankaranarayanan.

“PFT’s breadth of technology offerings and opportunity for transforming media and entertainment companies are two of the many reasons for my interest and excitement as I take over the position of COO. I look forward to bolstering the unwavering customer and people focus, delivery excellence and innovation at PFT,” added Mohanrao.

Mohanrao will join Ramki and the PFT executive team at the annual NAB Show, a key event for both PFT and the media and entertainment industry as a whole. Initially, he has worked as the telecom, media and entertainment industry leader at IBM, managing IBM’s globally integrated capabilities.

He also focused on worldwide growth strategy as vertical delivery head at Wipro Technologies, responsible for services delivery including profit and loss for telecommunications and worldwide media and entertainment businesses in North America, Europe, Australia and New Zealand.

March 29, 2016
Prime Focus Technologies appoints Raghunath Mohanrao as COO; replaces Ganesh Sankaran

MUMBAI: Prime Focus Technologies has appointed IT veteran Raghunath Mohanrao as its new chief operating officer. Mohanrao will replace PFT co-founder and former COO Ganesh Sankaran.

Mohanroa joins PFT with an eye toward furthering PFT’s growth within the global media and entertainment markets. Sankaran is taking a sabbatical for 15 months to pursue an MBA, while remaining on the PFT Board of Directors.

“I’ve wanted to go back to school for my MBA for some time now, and with PFT in such a strong position, I know this is the right time. I’ve known Raghu for well over 18 years and am confident he is the right fit for PFT. I look forward to his leadership to take PFT to the next level of its growth journey,” said Sankiaran.

“Ganesh is taking a well-deserved break from the hot pursuit of building PFT from its inception in a garage to where it is now. Raghu is an accomplished technology leader in the media and entertainment space and his background and skills offer the best fit for what PFT requires as it charters the next level of innovation, delivery excellence and growth,” added Prime Focus Technologies founder and CEO Ramki Sankaranarayanan.

“PFT’s breadth of technology offerings and opportunity for transforming media and entertainment companies are two of the many reasons for my interest and excitement as I take over the position of COO. I look forward to bolstering the unwavering customer and people focus, delivery excellence and innovation at PFT,” added Mohanrao.

Mohanrao will join Ramki and the PFT executive team at the annual NAB Show, a key event for both PFT and the media and entertainment industry as a whole. Initially, he has worked as the telecom, media and entertainment industry leader at IBM, managing IBM’s globally integrated capabilities.

He also focused on worldwide growth strategy as vertical delivery head at Wipro Technologies, responsible for services delivery including profit and loss for telecommunications and worldwide media and entertainment businesses in North America, Europe, Australia and New Zealand.

March 29, 2016
India wants Indo-Chinese pact on co-production and export of movies to China

NEW DELHI: The Government today proposed that the National Film Development and its Chinese counterpart should explore the possibilities of a memorandum of understanding for joint production and distribution of films between the two countries.

Information and Broadcasting Secretary Sunil Arora stated this in a meeting with Fuzhou People’s Association for Friendship with Foreign Countries President Yang Yue and his delegation members.

The meeting was held here to discuss cooperation between the two countries in areas pertaining to co-production of movies and import of more Indian films to China. Joint Secretary (Films) K Sanjay Murthy and Senior Officers from the Ministry were also present during the meeting.

Yue agreed to examine the suggestion. He invited Indian representatives to visit Fuzhou for the 3rd Silk Road International Film Festival.

India had earlier participated as a focus country in the 2nd Silk Road International Film Festival in September last year and a delegation from the Ministry and the Directorate of Film Festivals attended the festival.

India and China had earlier signed an Audio-Visual Co-production Agreement in September 2014.
In the recent past, India had permitted filming of three Chinese films in the country namely: ‘Lost in India’, ‘Kung Fu Yoga’ and ‘Xuan Zang’. The film ‘Xuan Zang’ was a co-production between the Chinese Film Company Ltd. and Eros (India) International. The movie ‘Kung Fu Yoga’ is currently being filmed in India.

March 11, 2016