| Turner India enters film industry |
| BS Reporter / Mumbai April 10, 2008 |
| Turner International India, a division of Time Warner, today announced its entry into the film industry with the launch of its animation theatrical business in India. Also, Turner will launch a Hollywood movies and series channel in association with Warner Bros, its sister company. The two initiatives are significant from Turner's growth perspective in India. Turner which enjoys a leadership position in the kids genre plans to establish a new multi-million dollar business unit to develop and produce animated films and expand its output of original live action television series. Targeting kids and families, this will be Turner's maiden venture of its kind internationally. Steve Marcopoto, President (Asia Pacific), Turner Broadcasting System said, "We believe expanding the scope of our activities and the breadth of our core channel offerings are strategic imperatives in India today. These initiatives will further bolster our considerable presence in an exciting market that is fast becoming our largest in the region." Turner's investments come at a time when parent company, Time Warner, is putting greater emphasis on developing its businesses internationally with India as a priority market. Marcopoto added,"Our recent investment in Miditech and our Hindi GEC partnership with the Alva Brothers, together with today's announcements illustrate the accelerated pace of our company's activities in India and our long-term view of the market's compelling potential." In December 2007, it formed a joint venture with Alva Brothers, holding company of production house Miditech to launch a Hindi entertainment channel and other genres and language channels. In addition, Turner also holds 29 per cent stake in Miditech, which continues to function as a separate production house. In India, Turner opeartes Cartoon Network, Pogo, HBO, CNN through its tie-up with Network 18 in India. It has a distribution partnership with Zee Entertainment and Enterprises Ltd (ZEEL) |
