GV Films to acquire film rights for 8000 movies at US$ 43.56 million

GV Films Ltd has announced that the Board of Directors of the Company at its meeting held on April 23, 2007 has discussed and considered the proposal to join hands with Shanghai Film Group Corporation of Shanghai Media and Entertainment Group (SMEG) and Growth Global Ltd, U.K. to develop the concept of GV Studio City which is an integrated complex of multiplex, shopping malls, hotels and entertainment parks, in the main cities of Shanghai and China.

Shanghai Media & Entertainment Group (SMEG) is responsible for the operations of its 9 subsidiaries, the Shanghai Media Group, Shanghai Film Group, Oriental Pearl Co., Ltd., SME Performing Arts Center, the SMEG Special Events Office, and Shanghai Media & Entertainment Industry Co., Ltd., as well as STR International Holdings Co., Ltd and Shanghai Film Archives. The Company has assets in excess of RMB 10.7 bn (USD 1.34 bn) with over 5200 staff. The Company is engaged in live performance, exhibitions, tourism and hotels, traditional and newly developing media technologies including TV, film, radio, broadband internet, mobile entertainment and print media.

A Committee of Directors has been set up for taking the matter forward.

The Board also discussed the proposal for acquiring films rights for 8000 Hollywood movies and has negotiated a price at USD 43.56 mn, and have decided to acquire the content. These contents along with the existing contents of 5600 regional films is expected to help the Company in a big way in their web casting division which is a internet based portal for viewing films and movies.

Further the Company has informed that, the Board is also meeting on April 30, 2007 to consider the un-audited results for the quarter ended March, 2007.

Source : Equity Bulls

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