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M. Ramesh

May jointly work on animation movies

Chennai , Nov. 15

Mondo TV of Italy, which produced the famous animation movie Jungle Book, may pick up stake in Chennai-based GV Films Ltd.

GV Films announced today that it was in talks with Mondo, which has a library of over 1,000 hours of animation movies for children, for acquiring some titles. (GV Films is in talks with a few other "overseas entities" for buying films for its web-casting division.)

Open to cash or stake

A highly placed source in the company told Business Line that they had given Mondo the option of being paid cash, or shares in GV Films. "We are open to cash or stake," the source said. As such, the extent of stake that Mondo might take would depend upon how the transaction goes.

The source said that Mondo had suggested to GV Films that the two companies could jointly work on some animation films. GV Films already has plans to enter animation and expects to spend about Rs 5 crore in setting up a studio.

Asked for a comment on reports that Warner Bros would pick up a 10 per cent stake in GV Films, the source said that neither had the company approached Warner Bros directly or indirectly, nor had Warner Bros broached the subject with GV Films.

Buys theatres

Meanwhile, GV Films has bought three theatres in Gudiyatham in Vellore district, Tamil Nadu. The theatres named Ganga, Gowri and Gayathri are located in the same complex.

The sellers, N. Venkataraman & Brothers, have sold the theatres for a consideration that GV Films is not willing to disclose now. The three theatres together have a capacity of 1,400 seats. The company will immediately run the theatres for screening movies, but over time, convert the complex into a multiplex.

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Italian co may pick up stake in GV Films

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