LOS ANGELES, NEW YORK and MUMBAI August 20, 2006 - UTV, India's leading media and entertainment company, today announced an unprecedented slate of co-productions with leading Hollywood Studios, with a total value across projects of USD 37 million - the largest such commitment by any South Asian media major.
UTV and Fox Searchlight announced a co-production deal on the film I THINK I LOVE MY WIFE, starring Chris Rock. Ronnie Screwvala, CEO of UTV Motion Pictures and Peter Rice, CEO of Fox Searchlight announced this in Los Angeles on Friday. Principal photography has been completed in New York; Fox Searchlight plans to release the film in the U.S. on February 9, 2007. The USD 14 million production is UTV's second venture with Fox after THE NAMESAKE, directed by Mira Nair, which will be released in March 2007.
Peter Rice, CEO of Fox Searchlight says, "We are very eager to be partnering with UTV, a dynamic force in South Asian Media. Ronnie's innovative vision parallels Searchlight's and after working together on THE NAMESAKE we jumped at the chance to collaborate again on our highly anticipated Chris Rock comedy I THINK I LOVE MY WIFE."
The second deal UTV announced is a USD 30 million co-production agreement with Actor/producer Will Smith and his production company Overbrook Entertainment and Sony Pictures Entertainment, for films to be created and distributed worldwide. This was announced in New York on Saturday by Ronnie Screwvala, Will Smith, James Lassiter, Smith's partner at Overbrook Entertainment and Amy Pascal, Chairman of the Sony Pictures Entertainment Motion Picture Group.
The two-picture deal emerged from a Sony arranged visit Smith and Lassiter took to India in February 2006 to explore co-production possibilities, when they met with media titans and key members of the creative community. As a result of the co-production agreement, UTV and Overbrook will develop films that will have a global reach and appeal. The first two projects will be a live-action film valued at USD 10 million and a CG animated motion picture at USD 20 million.
Sony Pictures Entertainment has a first look deal for the two productions. According to the terms of the agreement, while UTV and Overbrook will co-produce the movies, SPE will distribute the movies worldwide, excluding India.
"India is one of the most remarkable places on Earth and its motion picture industry has always fascinated me", said Will Smith.
"This unique agreement is the future of our business", said Pascal. "Sony has been involved with local language initiatives for many years and this deal accentuates the way our industry is becoming more borderless and more global every day."
"We are particularly excited to have an animation project as part of this agreement", said Lassiter, "since India is emerging as the next big destination for animation content and UTV is on the cutting-edge of animation development."
Ronnie Screwvala, Chief Executive Officer of UTV states: "UTV is focused on collaborating with like-minded partners like Fox, Sony and Will Smith to produce entertainment for global audiences. For UTV, these projects are a big step in reaching key North American markets and expanding our presence globally. UTV has made the biggest commitment by any South Asian media major to international co-productions and we will continue to lead the way in this regard."
About UTV: UTV is a leading integrated media and entertainment company based in South Asia, with international subsidiaries in the U.S., UK and South East Asia. Publicly listed on the Indian Stock Exchange last year, it is a leader in TV content in Asia, with a large Animation and SFX facility; has one of the first fully integrated studio models in movies and occupies a dominant space in the kids programming and broadcasting space in South Asia.
About Fox Searchlight: Fox Searchlight Pictures is a specialty film company that both produces and acquires motion pictures. It has its own marketing and distribution operations, and its films are distributed internationally by Twentieth Century Fox. Fox Searchlight Pictures is a unit of Fox Filmed Entertainment, a unit of Fox Entertainment Group.
About Sony Pictures Entertainment: Sony Pictures Entertainment (SPE) is a subsidiary of Sony Corporation of America (SCA), a subsidiary of Tokyo-based Sony Corporation. SPEs global operations encompass motion picture production and distribution; television production and distribution; digital content creation and distribution; worldwide channel investments; home entertainment acquisition and distribution; operation of studio facilities; development of new entertainment products, services and technologies; and distribution of filmed entertainment in 67 countries. Sony Pictures Entertainment can be found on the World Wide Web at http://www.sonypictures.com <http://www.sonypictures.com> .
About Overbrook Entertainment: Overbrook Entertainment is a film and television production company owned by James Lassiter and Will Smith. Overbrook's film productions include the hit romantic comedy Hitch, the sci-fi thriller I, Robot, the bio-pic Ali, and the upcoming drama The Pursuit of Happyness, all starring Smith. In addition Overbrook produced Saving Face starring Joan Chen, Showtime starring Robert De Niro and Eddie Murphy and ATL starring platinum-selling recording artist T.I. For television, Overbrook produces the current CW network hit All Of Us. Overbrook also produced the soundtracks for such films as Wild, Wild West and Men In Black, both of which won the American Music Award for favorite soundtracks.
