The Hindu Business Line : Crest's US arm to co-produce 3 animated feature films

MUMBAI: The US-based subsidiary of Crest Animation Studios Ltd has entered into an agreement with Hollywood distribution company Lions Gate Entertainment (LG) to co-produce and co-finance three animated feature films.

"Our US-based arm has entered into an agreement to produce and finance equally for three state-of-the art animated feature films."

Crest's subsidiary, RichCrest Animation (RCA) and LG will share the cost of production and profits equally," Crest Animation CEO, Mr A K Madhavan, said here on Thursday.

As per the agreement, LG would distribute the three films and their derivative works worldwide, except in India, where it would be done by RCA, he said.

Asked about the cost of the deal, Mr Madhavan said that the financial estimates are yet to be worked out. However, the average cost for an animated feature film produced in US would be in the range of $55-90 million.

"The first film under the new agreement will be 'Sylvester And The Magic Pebble'. A second, currently untitled feature project is under development, and the third project will be identified soon," he said.

LG is the US-based film distributor with $800 million revenues and $1 billion market capitalisation and has its presence in home theatre, home entertainment and distribution business, he said.

LG and Crest would equally own intellectual properties of these three movies and the first movie is expected to be complete in next two years, Mr Madhavan said. - PTI

Prev: Nokia to set up global network operation centre in India
Next: AUSPI for Rs 100 cr entry fee for inter-circle connectivity

Business Line | NUS Index |

In Focus

BHEL Disinvestment

The Yuan Revaluation

Dabhol power regenerated

Tracking the rains

Sethusamudram Canal Project

India Inc's overseas acquisition

In Depth

Gender Justice

Simple Economics

Tax Talk