Entertainment company Media One Global Entertainment Ltd is all set to acquire
a theatre in Kanchipuram, near Chennai for Rs80 lakh. The company would refurbish
the 680-seat theatre with new seats, installing air conditioners and also digitize
the movie projection. "The modernisation would cost another Rs30 lakh,"
said managing director Suryaraj Kumar.
the theatres in B and C towns in Tamil Nadu, Kumar said the company is in active
discussions for acquiring eight more theatres. "Unlike others who lease out
the theatres and modernise we have decided to in favour of outright acquisition
as that would work out economical in the long run. We are an asset based projection,
production and distribution company."
the production space, the Rs37 crore turnover company is in producing movies and
television serials. The company is producing a Tamil movie Dhaam Dhoom starring
smart hero Jayam Ravi, Kangana Ranuat and Lakshmi Rai. The film is directed by
Jeeva and music is scored by Harris Jeyaraj.
One through its UK subsidiary rendered production services to two companies that
funded the production of the Aishwarya Rai starred English movie Provoked. According
to Kumar the movie is in the process of being dubbed in major Indian languages.
The UK subsidiary is now coproducting another English movie titled Telling Lies.
the area of televison serial production, Media One focuses mainly on non-funded
programmes-the company would make the serial while the costs are met by the TV
channels. The company has produced serials for channels like Raj TV, Sony, ETV,
Zee and Surya. Media One is also producing a 900 episode serial on Lok Adalat
the movie distribution side, Media One has tied up with the Karnataka based Bhagyalakshmi
Films thereby becoming one of the largest distributor of Bollywood movies in Karnataka.
Bhagyalakshmi Films has distributed all of Eros Multimedia Films this year like
Salaam-e-Ishq, Eklavya, Namaste London and Provoked and would be
releasing Cheeni Kum this month. "We will distribute seven films in Karnataka,"
about the funding source for theatre acquisitions and expansion of other business
lines Kumar said, the company would be going for a preferential issue of equity
shares to raise around Rs90
crore. "We are in discussions with a domestic investor. We will be invested
Rs50 crore for acquiring and modernising the theatres and Rs40 crore towards film
production and distribution."