ITV

Tag: Western

  • Al Jazeera to go public; US pressure seen as being involved

    Al Jazeera to go public; US pressure seen as being involved

    MUMBAI: Al Jazeera – possibly the most controversial media entity of the recent times in the Middle East, and a wholly financed company by the Qatari government – is accelerating plans to sell off the channel to private buyers. In order to maintain a certain control over editorial content, the channel is even contemplating going public.

    The move is widely perceived as being influenced by increasing pressure from the US authorities, more so because Qatar is a key ally of the the Bush administration in the region.

    As regards the quantum of equity that will be open to the public, Qatari government spokesperson Jihad Ballut has been quoted by AFP as saying: “There will be restrictions in the shares offer and we don’t know (yet) if it will be on offer locally, regionally or internationally.”

    According to reports in sections of Arab and Western media, a spokesperson for the channel said that the form of privatisation would be decided over the coming months.

    Media reports suggest that the task of the channel would be to explore the best possibility for a sell out. The reason sighted by senior Qatari officials is that the pressure has been so intense that “We really have a headache, not just from the United States but from advertisers and from other countries as well.”

    The government is accelerating plans to put Al Jazeera on the market. Though Bush administration officials counter that a privately owned station in the region may be no better from their point of view.

    The channel’s audience range has been estimated to be approximately 30 million to 50 million. Despite a wide audience; the reach does not translate into profitability, and the station relies vastly on subsidy from the Qatari government. The official is also quoted saying that Qatar hoped to find a buyer within a year.

    The channel gained popularity after displaying taped messages of Osama Bin Laden and anti Bush reports during and post Afghanistan and Iraq war. Qatari sponsored channel has been criticised largely by the US authorities for broadcasting inflammatory information against US.

    The channel is planning to launch an English-language channel, Al Jazeera International and also to start up a documentary channel and kids’ channel in 2005.

  • Disney on track to lose millions on ‘The Alamo’

    Disney on track to lose millions on ‘The Alamo’

    MUMBAI: Looks like the Western is turning out to be a shaky bet for movie studios. Last year The Missing turned into a loss making proposition for Sony. Now The Alamo which cost well over $100 million to make is poised to cost Disney a substantial loss. In its opening weekend it managed to make only $ nine million.

    An AP report states that the flop has led some analysts to reduce the second-quarter earnings estimates for Disney. Even if The Alamo fares better overseas analysts still expect it to lose money.

    The report adds that so far Disney could be forced to write off around $150 million on the films it has released this year. Another flop was Hidalgo which was panned by critics as being a second rate Sea Biscuit.

    Meanwhile an AFP report added that Disney’s stock fell by 2.4 per cent. Media analysts said that it was extremely unusual for a single film to influence the share price of an entertainment company that has diversified its operations.

    As reported earlier by indiantelevision.com Disney’s CFO Tom Staggs said that the group would increase earnings by 40 per cent this year rather than the expected 30 per cent.

  • UTV gets nod for more foreign equity

    UTV gets nod for more foreign equity

    MUMBAI: The Foreign Investment Promotion Board (FIPB) has given the green signal to United Television (UTV) , to increase its foreign equity in the company from 66.43 per cent to 68.15 per cent.

    According to a report in The Financial Express , Century Direct Fund is purchasing 1.72 per cent stake in UTV Software Communications at Rs 12.5 million, thus increasing its total holding in the company to 2.5 per cent. .

    The holding of the promoters after the acquisition of Western Outdoor and Century Direct Fund’s hike in stake will be around 35 per cent. Also CDPQ of Canada holds 33 per cent and Rupert -Murdoch -promoted News Corp 15 per cent stake in UTV, adds the report.

    In a bid to expand its post production business , UTV had bought Western Outdoor in an all- stock deal , giving it a less than one per cent stake in exchange.

    UTV’s future business plans include co-producing a $8 million budget movie called Partition with a Canadian producer, a Rs 200 million budget Hindi movie with Shahrukh Khan and another big budget Hindi movie, the report adds.

  • UTV acquires post production, recording studio

    UTV acquires post production, recording studio

    MUMBAI: Software production company UTV has acquired a post production and sound recording studio Western Outdoor Advertising.

    The company will be merged with UTV’s United Studio division and will be called USL-WOA. This represents the first acquisition in the post production segment in the Indian media sector.

    Reports indicate that Western Outdoor’s assets amount to Rs 250 million while USL-WOA’s will be worth around Rs 600 million. The combine is expected to garner 60 per cent of Mumbai’s business which translates into one billion rupees. UTV’s promoter Ronnie Screwvala has been quoted as saying that the initiative aims at providing superior service in the form of creative solutions to customers.

    UTV is looking at expanding its business in the area of 3D animation for television content, creating special effects for films and sound recording.

    The company is also looking to grow its international revenues in the fields of animation and dubbing. As part of the deal, Western Outdoor will get one per cent stake in UTV. Rupert Murdoch’s News Corp holds a 15 per cent stake in UTV.

    Another report in The Economic Times indicates that UTV is also looking to spread its wings by launching four films in the year 2002-2003. One of them stars Val Kilmer last seen in The Salton Sea’ and the budget is estimated at 10 million dollars. The period love story set in India is a co-production with LA based Madira Films. Also in the pipeline is a Shah Rukh Khan film being produced in association with SRK Films, expected to be completed within 15 months. UTV is also said to be planning a solo Bollywood venture which will be directed by Samir Karnik who cut his teeth in the ad film world.