Digital Domain Media, which has churned out blockbusters such as Titanic and Avatar, had filed for bankruptcy protection on September 11.
The strategic alliance between the two companies would address the rapidly growing demand of Hollywood studios for converting both new films shot in 2D as well as older film released in cinemas and on home platforms into the 3D format, Reliance MediaWorks said in a filing to the Bombay Stock Exchange.
The MoU was signed during the India visit of Russian President, Dmitri Medvedev, a press release issued here today stated. Russian World Studios is one of the largest private film companies in the Russian market and has produced several projects, both for TV and the big screen.
The company has reorganised the Big Cinemas operations into geographies to adequately support its expansion in regional markets, Reliance MediaWorks said in a filing to the Bombay Stock Exchange. Big Cinemas would focus on the company's operations in North, East and Central India.
Debt-ridden firm Reliance Capital on Monday objected to the proposed 33.12 per cent stake sale of Prime Focus Ltd (PFL) by Credit Suisse to PFL's promoter group at Rs 44.15 per share. Anil Ambani's Reliance Group company Reliance Capital in a statement termed the proposed transaction as a blatant abuse of the purported rights by Credit Suisse under certain lending agreements with the RCAP Group. However, Reliance Capital did not share the details of the "blatant abuse of the purported rights".
The strategic alliance between the two companies would address the rapidly growing demand of Hollywood studios for converting both new films shot in 2D as well as older film released in cinemas and on home platforms into the 3D format, Reliance MediaWorks said in a filing to the Bombay Stock Exchange.
Three Anil Ambani Group companies -- Reliance MediaWorks, Reliance Capital and Reliance Capital Partners -- have acquired 16,196 shares, or 0.05 per cent stake, of Fame India through open market transaction, Reliance MediaWorks said in a filing to the Bombay Stock Exchange.
The shares of the company, which operates radio station Big 92.7 FM, opened at Rs 89.75 and soon gained momentum to touch a high of Rs 138.40 on the BSE.
Reliance MediaWorks, along with two other ADAG firms, has acquired a further 0.25 per cent stake in Fame India, hiking their combined holding in the multiplex chain to 15.28 per cent.
Reliance MediaWorks on Thursday said it has acquired an additional 1.89 lakh shares of Fame India along with two other group firms, taking the total stake in the multiplex chain to 14.34 per cent.
Anil Ambani-led Reliance Group sells multiplex business to Carnival Cinemas.
Anil Dhirubhai Ambani Group stocks plummeted on Wednesday after ADAG chairman Anil Ambani reportedly met Telecom Minister Kapil Sibal.
Anil Ambani Group firm Reliance Capital Partners on Tuesday said it along with two other group companies has acquired an additional 4,081 equity shares representing 0.01 per cent stake in Fame India, hiking their stake in the multiplex chain to 13.8 per cent.
Multiplex operators like PVR Ltd, Inox Leisure, Reliance Mediaworks and Mexican chain Cinepolis are scrambling to set up theatres
Anil Ambani-promoted multiplex chain may sell stake to the Mexico-headquartered global giant
Reliance's network includes the wide reach of IM Global,
In an e-mail written on February 4, the Anil Dhirubhai Ambani Group firm has asked Fame's promoter Shravan Shroff to explain why he sold his family's 43.28 per cent in Fame India to INOX Leisure for Rs 44 a share when Reliance had made a 'firm offer' to buy it for Rs 80 a share.
Reliance Mediaworks' has restored the 1984 film Khandahar which will premiere at the festival under the Classic category.
INOX has denied the claims made in a complaint to the stock market regulator by Reliance MediaWorks that Fame India promoters sold their stake in that company to INOX at an unduly low price, far lower than what RMW was willing to pay.
RCap had proprietary investment book of Rs 2,000 crore (Rs 20 billion) as on end-March and owns stake in a host of companies.
Riding on a strong stock market rally, Anil Ambani-led diversified business conglomerate Reliance Group has crossed Rs one lakh crore market valuation.
This measure will ensure that the price of a scrip cannot move upward or downward beyond a limit set for the day.
Telecom major Reliance Communications plans to monetise its real estate assets as it looks to pare debt.
The government will set up a centre of excellence for visual effects and gaming with help from the Indian Institute of Technology-Bombay.
More asset sales may be only way out, though most of the group companies' ratings have been downgraded and their combined market value is now a fraction of their combined debt.
In what is amongst the first focused fund in the space, India Media Entertainment Fund (IMEF) is raising Rs 500 crore, which will provide both equity as well as instruments like non-convertible debentures (NCD) to companies in the content, distribution platform and services areas. The private equity fund has appointed a high-profile advisory body which includes ad guru Prahlad Kakkar, managing director of Red Chillies Entertainment and cricket team KKR Sports, actress and entrepreneur Raadhika Sarathkumar, who has starred in Malayalam, Hindi and Kannada films and runs Radaan Mediaworks. It also includes Ramnath Pradeep, former chairman and managing director of Corporation Bank, and Rajesh Gupta, senior partner of law firm SNG Partners.
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