» Business » Zee bags another animation contract

Zee bags another animation contract

March 31, 2004 10:00 IST

Zee Telefilms bagged a $5 million animation content development deal from Mallard TV, a television channel in Scotland.

The project will be executed by Zee Institute of Creative Arts, a group company under Padmalaya Telefilms. This is the second animation film development deal the company has bagged in the last two days.

The company on Monday bagged a $40 million deal from Mondo TV, Europe's second-largest animation channel, for developing animation content in India.

According to senior Zee executives, "The two deals mark a strategic development in the company's overall strategy. Two of the leading companies in the world have endorsed our capabilities in animation development."

As per Zee's deal with Mondo TV, the preliminary agreement provides for the realisation of the executive production of 104 new animated episodes by the Indian company.

Padmalaya also acquired from Mondo TV the commercial exploitation rights of the new series for India, Pakistan, Sri Lanka and other countries in the region and 20 per cent of the exploitation rights for the rest of the world (without Italy which remains Mondo TV's property), at $100,000 for each new episode, for a total amount of $10.4 million.

Padmalaya also receives 6 years of license the exploitation rights for 1,000 episodes included in Mondo TV's old library.

The share of the entertainment major closed at Rs 134.20 on the Bombay Stock Exchange.

BS Corporate Bureau in New Delhi