Mumbai, June 5(ANI): It's official. The two-month-long standoff between producers and multiplexes on revenue-sharing was resolved on Friday after a breakthrough meeting between the two parties reached consensus on the issue.
Mukesh Bhatt, Convenor of the United Producers and Distributors Forum (UPDF) and filmmaker said the negotiations to end the standoff ended on Friday morning and revenue share over ticket sales will now be distributed between the producers and multiplexes equally.
Producers and distributors under the banner of UPDF had stalled new releases since 4th April over the issue, where the producers had demanded a revenue share of 50:50 ratio from the multiplex owners but the latter refused stating they will give 45:55 ratio, and will give 50:50 only if a film is a hit at the box office.
Bhatt said Producers and distributors will retain the right to chose and release the film as per its content and Entertainment tax will not be charged where it is not applicable.
Bhatt confirmed that new films will be released from next Friday onwards.
During the two month deadlock producers, distributors and multiplexes have lost over 200 crore rupees.
Big budgeted films like Sajid Nadiadwala's 'Kambhakth Ishq', Yash Chopra's 'New York' were the films which have been long due as the conflict was going on.
The first film to release will be Vashu Bhagnani's Kal Kisne Dekha, which is slated to release on June 12. (ANI)