Media One to acquire theatres across TN

Chennai, May 9 (UNI) Leading film producer Media One Global Entertainment Ltd today announced its plans to acquire theatres across Tamil Nadu.

After acquiring three theatres in Chengelpet here, the company planned to acquire 20 more theatres in tier-two and tier-three cities by the end of March 2007.

Addressing the mediapersons here, Media One Entertainment Managing Director Suryaraj Kumar said the business of the company was in three clear cut areas such as production, distribution and exhibition of films, through theatres.

"Media One's strategy is to acquire theatres on an out right basis", he said and added "the theatres would be then refurbished with digital projectors and airconditioners on par with multiplexes." "We plan to raise Rs 90 crore immediately for the acquisition plans", he said.

Regarding the distribution, Mr Kumar said "we have tied up with Bhagyalakshmi films in Karnataka for distribution of films in the state".

"The company, which has current revenue of Rs 37 crore is expected to increase six times by the end of fiscal 2008", he claimed.

UNI