Chennai based GV Films has acquired Internet, DVD and cinema rights to around 8000 Hollywood titles from Pinewood Films for Rs. 175 crores ($43.56 million) reports the Economic Times. GV Films recently raised $40 million via a GDR issue (6,400,000 GDRs of $6.25 each) at the Luxembourg Stock Exchange to finance the deal.
The acquisition mainly includes Hollywood films from the 1940s to the 1970s, and the company will use the content for its webcasting division. Apart from this, the company board is also considering setting up ‘GV Studio City’, an integrated complex of multiplex, shopping malls, hotels and entertainment parks, in the main cities of Shanghai and China, in collaboration with the Shanghai Film Group Corporation of Shanghai Media and Entertainment Group (SMEG), and Growth Global Ltd, U.K.
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