Mediaone Global to acquire 3 theatres in Chengelpet district of Tamil Nadu

Mediaone Global Entertainment Ltd has announced that the Company has finalized the acquisition of three theatres in Chengelpet District of Tamil Nadu. The Company plans to acquire twenty more theatres in tier II and III cities by the end of March 2007 - 2008.

Addressing the Media here Mr. Suriyaraj Kumar, the Managing Director of the Company said that the business of the Company was in three clear cut areas such as Production, Distribution of films and Exhibiting the same through theatres. The Company is producing a Tamil film called Dhaam Dhoom, starring Jayam Ravi, Kangana Ranuat, Lakshmi Rai. The film is directed by Jeeva and music is by Harris Jeyaraj. The film has completed a 15 days schedule in Pollachi and a 12 days schedule in Moscow.

The Company's strategy is to acquire theatres on an out right basis. The theatres would be then refurbished with digital projectors, air conditioners etc. The Company plans to raise Rs 90 crores immediately for the above. The money will be used for acquisition of more theatres and for production and distribution of more films.

Mr. Suriyaraj Kumar further elaborated that the Company through their wholly owned subsidiary in UK are co-producing an English film titled "Telling Lies". The earlier film which was an Aishwarya Rai starer "Provoked" had done exceedingly well in the International market and is going to be dubbed in Tamil and Telugu.

The Company has also produced many TV commercia1 for networks like Raj TV, Sony, ETV etc. to name a few: Vishwarupam, Krishnapriksham, Kichu, Geetanjali, Swabhimana and Kannamoochi.

Regarding the Distribution he said that the Company has tied up with Bhagyalakshmi Films in Karnataka for distribution of films in Karnataka. This association with Bhagyalakshmi Films, the Company would be the largest distributor of Bollywood films in Karnataka.

Source : Equity Bulls

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