New Delhi, Sep 10 (UNI) Twentieth Century Fox and Star TV have announced the formation of a joint venture, Fox STAR Studios, to produce world-class local-language films in Asia for worldwide distribution.
The joint Venture will make its maiden foray into Bollywood, world's largest film production market, and then soon expand into other markets, including Greater China and South East Asia.
Talking about the Joint venture with Star, Jim Gianopoulos, Co-Chairman of Fox Filmed Entertainment, said,''the Fox-Star joint venture is a great opportunity for us to create a strong presence in the Asian film industry and extend the relationship across the region.
The infrastructure provided by Twentieth Century Fox along with Star's unmatched broadcasting and marketing network, gives Fox Star Studios a distinctive edge in film production and distribution business. We at Fox are looking ahead to very exciting times with STAR for our business in that region,'' he said.
Paul Aiello, CEO of STAR said ''the formation of Fox STAR Studios marks a new milestone for STAR's expansion into the business of filmed entertainment beyond television broadcasting and underscores our growing confidence in the marketplace, as well as our long-term commitment to the film industry in Asia. The combination of both of our companies' resources and expertise will surely help bring greater entertainment options for movie lovers across the globe.'' The new venture will begin its first operation in India through Fox STAR Studios India with the appointment of Vijay Singh as its CEO. Mr Singh currently holds the position of President, Strategy and Corporate Development of STAR India.
Fox STAR Studios India plans to produce Bollywood and Indian regional films. It will also build a national theatrical distribution footprint and enhanced capabilities in the home entertainment and digital media platforms in India while leveraging Fox Theatrical Network's global distribution strength across 44 countries worldwide.
Speaking on Fox STAR Studios India, Uday Shankar, CEO, Star India, said,''this joint venture will complete the missing piece in Star India's entertainment portfolio. With our track record of creating compelling family entertainment and Twentieth Century Fox's legendary expertise in filmmaking and distribution, this initiative promises to redefine the film viewing experience for the people of India, as well as to create higher level skill sets in film production, marketing and distribution for the industry.
''With 18 channels in our bouquet, we can add unique value in marketing the movies made by Fox STAR Studios India,'' he noted.
Added Sydney-based Fox Theatrical VP Asia/Pacific Sunder Kimatrai, ''while the Indian JV will focus on local production, it will also allow us to expand the reach in India of our Hollywood product. It will leverage our outstanding relationships with exhibition and marketing partners and allow us to grow our distribution businesses.'' Vijay Singh, CEO, Fox Star Studios India said, ''we are very excited about building on our relationships in Bollywood and making films which reflect the changing India. We are in discussion for producing not only traditional Bollywood films but also innovating and targeting emerging genres.
Our vision is to become a one-stop shop that encompasses film acquisition, development, marketing, production and distribution in India.'' UNI AR ATI HS1114