ITV

Tag: AB Corp

  • UTV in co-production deal with Bachchan’s AB Corp

    UTV in co-production deal with Bachchan’s AB Corp

    MUMBAI: Amitabh Bachchan is charting out a revival plan for AB Corp. De-risking the business model, his company and Ronnie Screwvala’s UTV have entered into a co-production deal for films, television programmes and other ventures. This was announced by Bachchan, who is currently in Amsterdam for the IIFA Awards.

    The two companies have signed an MoU (Memorandum of Understanding) and will be working jointly on various ventures in the entertainment sector.

    Addressing a press briefing in Amsterdam, Bachchan opined that the Indian film industry had changed over the years and that in this ever evolving industry, it was important for companies to enter into co-production deals for survival.

    “Budgets are going to go up and no single entity is going to have the capacity to produce a film by itself. Let’s say you have a Rs 200 million film. If you co-produce it, you may run the risk of losing Rs 100 million but you get a product worth Rs 200 million,” Bachchan was quoted as saying in a media report.

    He was of the opinion that the Indian film industry was waiting to be taken over by American companies and in a scenario like this, Bollywood needed to be corporatised for this “invasion of sorts.” He also admitted to the fact that probably he had been too “ambitious and arrogant” when he had started his own company ABCL. “But now we won’t repeat the mistakes that we made earlier. We just want to hold hands and move together,” he was quoted as saying.

    Big B’s AB Corp is on the path of revival. The company will be gearing up to release three films this year — Viruddh , Family and Antarmahal. The company is also in the process of finalising its maiden overseas co-production deal with UK’s Inspired Movies.

    At the time of filing this report, UTV officials were not available for comment.

  • TVTN lists on BSE, hits a high of Rs 225 in first min of trading

    TVTN lists on BSE, hits a high of Rs 225 in first min of trading

    MUMBAI: The big ticket issue of TV Today that had garnered overwhelming response from retail investors and was over subscribed 35 times listed today on the Bombay Stock Exchange (BSE).
    TV Today Network (TVTN) chairman Aroon Purie put the proceedings on track with a short inaugural address. The podium was also shared by TVTN executive director and CEO G Krishnan who called Purie the ‘architect’ who built the network ‘brick by brick.’ The BSE executive director and CEO Dr Manoj Vaish welcomed the TV Today debut on the Stock Exchange.
    ELAAN-E-DEBUT: TVTN chairman Aroon Purie sounds the gong on Friday, 16 January 2004 to mark TVTN’s debut on the BSE. ED & CEO G Krishnan (right) cheers him on.
    Aroon Purie sounded off the gong at 9:55 am to flag off the trading at the BSE. Later, Purie couldn’t keep himself from sounding off the gong a number of times (!) – perhaps he was mentally recording the resonance of the gong to cull it back from memory later.
    The TV Today scrip listed on the BSE at Rs 220 at a premium of 132 per cent over its issue price of Rs 95, the scrip hit a high of Rs 225 within the first one minute of commencing trade. However, the stock toned down to Rs 179 in a depressed market before recovering in later trades to close its first session on D Street at Rs 181.35. The scrip generated high interest amongst investors with over 64.61 lakh TVTN shares changing hands on the BSE alone.
    On the NSE, the stock listed at Rs 190 paced up to touch a high of Rs 310 but pared down to close at Rs 182.70. A massive 1.12 crore shares were traded on the NSE.
    This, however, does not come as a surprise for a big ticket issue like TV Today. The scrip had been expected to start off well given the strong fundamentals of the group and the popularity of the flagship television news channel Aaj Tak.
    Apart from Purie and Krishnan, present in good numbers at the listing ceremony were reporters and presenters of Aaj Tak and top brass suits from the Network’s management including India Today director Anil Mehra. Basking in the glory of the moment were also seen senior officials of lead managers to the issue – JM Morgan Stanley and the co-lead managers Kotak Securities and ICICI Securities Ltd.
    Replying to whether he was thinking of going the IPO way for Thomson Press as well – the India Today publishing company owned by him, Purie said there were no such plans in the pipeline at present. He confirmed that the funds raised through the maiden issue would be channeled into the existing network while he had no plans of diversifying into other television channels or entertainment properties.

    The listing of the TV Today scrip kickstarts a new phase for the media sector as a number of major television players are expected to follow suit. The big daddies of television that are considering a foray into the capital markets this year include NDTV that according to market sources has a Rs 6000 million issue up its sleeve, B4U with a planned issue of Rs 1000 million, Sony Entertainment and possibly Star India as well. Others to walk that way are expected to be Nimbus Communications and Big B’s AB Corp.
    So far, Zee has been the front runner in the media sector, being the only media scrip to figure in the benchmark 30-scrip BSE Sensex.

  • Big B relaunches ABCL as AB Corp

    Big B relaunches ABCL as AB Corp

    MUMBAI: It was a befittingly glitzy affair in the city yesterday as Indian cinema’s biggest brand Amitabh Bachchan marked his 61st birthday by relaunching ABCL as AB Corp.

    The new corporate identity of the Big B of Bollywood was unveiled with the launch of the Rajkumar Santoshi-directed Ranveer, which has Bachchan playing the pivotal role with son Abhishek and Sanjay Dutt costarring. Ranveer is being jointly produced by AB Corp and DMS Films, producers of Khakee, which has Bachchan and Ajay Devgan playing the lead roles. AB Corp plans to produce three to four films in the first phase, all as joint ventures with other corporate groups.

    AB Corp is not just about a name change. It is also an attempt by Bachchan to make a clean break with the troubled past that constituted the Brand Bachchan firm’s earlier avatar ABCL, which went into bankruptcy. It was referred to the Board for Industrial and Financial Reconstruction (BIFR) and declared sick in 1999. At one time ABCL had 55 court cases against it. Bachchan has cleared Rs 900 million in debts due primarily to Prasar Bharti, financial institutions, banks and some private parties.

    While making his inaugural address, Bachchan said he had three people in particular to thank for helping him through the tough times – politician and regular Page 3 socialite Amar Singh (first), Reliance Industries’ Anil Ambani and the Sahara Group’s Subrato Roy. To add to the glitz of the affair, Singh presented Bachchan with a Bentley as his birthday gift. While expressing his gratitude to the three, Bachchan was at pains to stress that there was no funding that had come from either of them as far as clearing his debt was concerned.

    And keeping with the professionally managed persona that AB Corp is projecting, Leo Entertainment – the specialised arm of advertising agency Leo Burnett – will be promoting its films.

    Head of Leo Entertainment Sanjay Bhutiani has been quoted in the Hindu Businessline as saying: “We will be developing brand strategies and advertising for all the forthcoming films produced by AB Corp.”

    The latest on AB Corp, meanwhile is that it is in advanced talks with with AV Birla group chairman Kumar Mangalam Birla’s Applause Entertainment for an alliance in feature film production.

    According to a report in the Business Standard, the deal, which is expected to be inked in the next few days, will have the brand equity that Bachchan and son Abhishek command valued as equity.

    Saturday evening was not the time or place to get any answers to this and any other such questions though (like when Bachchan would start work on the grand Sahara TV project?). It was your regular Bollywood “mahurat” party. On a much grander scale of course as befitted the occasion. And here indiantelevision.com went thinking there would be a media briefing of some sort. Filmi bashes are not about such things is one lesson we took away from the Big B’s big night.

  • Big B relaunches ABCL as AB Corp

    MUMBAI: It was a befittingly glitzy affair in the city yesterday as Indian cinema’s biggest brand Amitabh Bachchan marked his 61st birthday by relaunching ABCL as AB Corp.
    The new corporate identity of the Big B of Bollywood was unveiled with the launch of the Rajkumar Santoshi-directed Ranveer, which has Bachchan playing the pivotal role with son Abhishek and Sanjay Dutt costarring. Ranveer is being jointly produced by AB Corp and DMS Films, producers of Khakee, which has Bachchan and Ajay Devgan playing the lead roles. AB Corp plans to produce three to four films in the first phase, all as joint ventures with other corporate groups.
    AB Corp is not just about a name change. It is also an attempt by Bachchan to make a clean break with the troubled past that constituted the Brand Bachchan firm’s earlier avatar ABCL, which went into bankruptcy. It was referred to the Board for Industrial and Financial Reconstruction (BIFR) and declared sick in 1999. At one time ABCL had 55 court cases against it. Bachchan has cleared Rs 900 million in debts due primarily to Prasar Bharti, financial institutions, banks and some private parties.
    While making his inaugural address, Bachchan said he had three people in particular to thank for helping him through the tough times – politician and regular Page 3 socialite Amar Singh (first), Reliance Industries’ Anil Ambani and the Sahara Group’s Subrato Roy. To add to the glitz of the affair, Singh presented Bachchan with a Bentley as his birthday gift. While expressing his gratitude to the three, Bachchan was at pains to stress that there was no funding that had come from either of them as far as clearing his debt was concerned.
    And keeping with the professionally managed persona that AB Corp is projecting, Leo Entertainment – the specialised arm of advertising agency Leo Burnett – will be promoting its films.
    Head of Leo Entertainment Sanjay Bhutiani has been quoted in the Hindu Businessline as saying: “We will be developing brand strategies and advertising for all the forthcoming films produced by AB Corp.”
    The latest on AB Corp, meanwhile is that it is in advanced talks with with AV Birla group chairman Kumar Mangalam Birla’s Applause Entertainment for an alliance in feature film production.
    According to a report in the Business Standard, the deal, which is expected to be inked in the next few days, will have the brand equity that Bachchan and son Abhishek command valued as equity.
    Saturday evening was not the time or place to get any answers to this and any other such questions though (like when Bachchan would start work on the grand Sahara TV project?). It was your regular Bollywood “mahurat” party. On a much grander scale of course as befitted the occasion. And here indiantelevision.com went thinking there would be a media briefing of some sort. Filmi bashes are not about such things is one lesson we took away from the Big B’s big night.

  • Bachchan pays off half his debt to DD

    Bachchan pays off half his debt to DD

    Former big screen superstar turned TV deity Amitabh Bachchan on Thursday paid off nearly half the dues amount of Rs203.1 million his company, ABCL (rechristened AB Corp), owed to the national broadcaster.

     

    Bachchan has also promised to return the rest of the outstanding dues in three instalments next year during March, June and September.

     

    Bachchan presented a cheque of Rs96.5 million to Prasar Bharati CEO RR Shah in New Delhi at a press conference where Samajwadi Party leader and close friend Amar Singh was present. He had recently given a cheque of Rs5 million to Prasar Bharati. Bachchan said that to pay towards the interest of his dues of Rs 123.5 million, he would participate in Doordarshan’s public interest programmes.

     

    Among the 75 companies which had outstanding dues against Doordarshan, the government-owned NFDC topped the list owing over Rs630 million followed by ABCL and Multi channel as of November this year.

  • B4U not desperate to divest, says CEO Gupta

    B4U not desperate to divest, says CEO Gupta

    B4U Network Television yesterday asserted that it was not on the lookout to divest stake while clarifying that cornered bull Ketan Parekh held only 5 per cent in the company.

     

    “We are open to alliances which bring in fresh investments but no more than that,” B4U Network Television CEO Ravi Gupta said while responding to queries about market rumours that the channel was facing financial difficulties and was under pressure to raise resources.

     

    “Most alliances that we have been considering in recent times have been for joint venture operations and not for offloading stake,” Gupta said, while adding that his company had not closed out the possibility of offloading stake. Gupta was, however, at pains to point out that in that case there would have to be some essential synergies involved which qualitatively added value to the organisation in terms of contacts and experience rather than being purely an infusion of funds.

     

    On the status of the legal notice B4U had issued to Zee Telefilms on 11 April seeking an explanation from the Subhash Chandra promoted company regarding claims that it had acquired a 15 per cent stake in B4U, Gupta said Zee’s response had been unsatisfactory.

     

    Gupta said his legal department planned to seek further clarifications following the recent statements made Chandra that investment companies of the Essel Group (part of the Zee Group) had bought a stake in B4U for Rs 460 million through Parekh.

     

    According to Zee, investment companies from the Essel Group had borrowed Rs 2,200 million from Zee Telefilms and placed it with Parekh who in turn used the money to buy stakes in various media firms, among them being B4U and AB Corp promoted by filmstar Amitabh Bachchan (28.5 per cent for Rs 750 million), as part of a long term strategic initiative.

     

    Gupta said Parekh’s holding in B4U had never crossed 5 per cent. The main shareholding remained with the promoters Kishore Lulla, Lakshmi Mittal and Gokul Bimani, Gupta said, but refused to disclose how much stake the three held.

     

    Gupta said that B4U had reached strategic arrangements with a number of firms, including Sony in the United Kingdom and national broadcaster Doordarshan, which were beneficial to both sides to elucidate the kind of tie-ups that would interest him.

  • Zee falls further as B4U, AB Corp deny any share sales

    Zee falls further as B4U, AB Corp deny any share sales

    A day after Zee Network officials claimed to have advanced Rs 2200 million to several Ketan Parekh companies for acquiring shares of various media companies, the stock came under further pressure during opening trade on the stock exchanges.

     

    The scrip was locked at eight per cent lower circuit at RS 110.10. The counter saw trade in 18,515 shares and there are pending sell orders for 2.709 million shares, according to indiabulls.com.

     

    According to reports, the funds for Zee’s transactions were borrowed from Global Trust Bank.

     

    Meanwhile, Zee’s claim that it made the advances to acquire 28.5 per cent in AB Corp (Amitabh Bachchan Corporation) and 15 per cent in B4U was strongly denied by both companies.

     

    B4U CEO Ravi Gupta, speaking from his London office, rubbished the Zee claim while emphatically denying any transactions with Zee. AB Corp has also denied receiving any advances from Zee Network or its group companies for a stake in the company.

  • Zee falls further as B4U, AB Corp deny any share sales

    Zee falls further as B4U, AB Corp deny any share sales

    A day after Zee Network officials claimed to have advanced Rs 2200 million to several Ketan Parekh companies for acquiring shares of various media companies, the stock came under further pressure during opening trade on the stock exchanges.

    The scrip was locked at eight per cent lower circuit at RS 110.10. The counter saw trade in 18,515 shares and there are pending sell orders for 2.709 million shares, according to indiabulls.com.

    According to reports, the funds for Zee’s transactions were borrowed from Global Trust Bank.

    Meanwhile, Zee’s claim that it made the advances to acquire 28.5 per cent in AB Corp (Amitabh Bachchan Corporation) and 15 per cent in B4U was strongly denied by both companies.

    B4U CEO Ravi Gupta, speaking from his London office, rubbished the Zee claim while emphatically denying any transactions with Zee. AB Corp has also denied receiving any advances from Zee Network or its group companies for a stake in the company.