Mumbai, Sep 19 (UNI) Eros International and Sony Pictures Entertainment today announced their decision to invest in Hindi movies to be released in India and around the world.
Under the terms of the non-exclusive agreement, Sony and Eros will jointly develop, produce and acquire multiple films for the new Hindi film slate. Sony Pictures is expected to distribute some of the titles in the United States, and Eros will use its established infrastructure to distribute the films in other international territories. The two companies will work jointly in India, a press release jointly issued on behalf of the two companies here said.
''This deal continues Sony Pictures' dedication to support local talent and invest in films made specifically for audiences in India and the Indian diaspora. As a global company, we are committed to international cinema in India and around the world. We want to satisfy the demand in local markets for high quality original stories told in their original languages. We have a strong track record of film and television production and distribution in India and we're proud Eros International, the leading player within the Indian entertainment arena, will be working with us to find unique and inventive films for Indian audiences,'' the statement from Sony Pictures Entertainment.
To this Mr Kishore Lulla of Eros International added, ''I am delighted to establish this important relationship between Eros and Sony Pictures, a prominent Hollywood studio with a global brand and reputation of the highest quality. I am excited by the potential benefits to both parties from working together and pleased that Sony chose Eros as its Indian partner. Since our London listing last year, Eros has successfully carried out the first phase of consolidation of the fragmented Indian entertainment sector. We continue to strive to make a humble contribution in shaping the future of Indian entertainment in the years to come''.
The new co-financing arrangement also continues the longstanding collaboration between Eros and Sony Pictures. Sony Pictures owns a majority stake in the Sony Entertainment Television channel (SET) in India and Eros has an option to own 24 per cent of the television channel's B4U Network. The SET channel and B4U Network created a joint venture company in the UK, named BEN-SET Limited, in September of 1999, through which SET and B4U jointly market and sell their television channels to DTH subscribers in the UK. SET also licenses films from Eros.