MUMBAI: Subhash Ghai-promoted Mukta Arts has sold the satellite telecast rights of its almost entire movie library to Zee Entertainment Enterprises Ltd (Zeel) for Rs 200 million, a clear indication that acquisition prices are getting corrected barring the recent Bollywood blockbusters.
Zeel will get 29 movies to telecast for five years from the dates on which the current satellite rights expire.
"We have sold almost 90 per cent of our library to Zeel. Many of these movies were already with Zeel and are contract extensions. We will get the entire payment of Rs 200 million this fiscal," says Mukta Arts consulting CEO Ravi Gupta.
In 2007, Mukta Arts had sold telecast rights for 12 movies to Zee in a deal worth Rs 220 million. Ghai had then stated that he would expect to rake in Rs 400 million from the movie library over a five-year window.
Mukta Arts will receive the payment of the entire amount during the current financial year.
The films made by Mukta Arts include Karz, Khalnayak, Hero, Ram Lakhan, Karma, Pardes, Saudagar, Taal, Yaadein,Bombay To Bangkok, Good Boy Bad Boy, Khanna & Iyer, Sham Ghanshyam, Apna Sana Money Money, Jaan, 36 China Town, Trimurti, Socha Na Tha, Aitraaz, Karma, Ek Aur Ek Gyarah, Badhai Ho Badhai, Rahul, Kalicharan, Joggers Park, Aitraaz, Iqbal, Black & White, Yuvvraaj, Paying Guests, Hello Darling, Right Yaa Wrong, Kisna, Valu Sanai Chaughade (all Marathi).
Mukta Arts plans to release two movies this year. While Hollywood Darling, made on a budget of Rs 100 million, will be released in the first quarter of this fiscal, Rituparno Ghosh‘s Nauka Dubi is expected to hit the screens in the subsequent quarter.
