Media/Entertainment-Industry-The Economic Times 
FanTV aims to onboard 1 crore users, add 80,000 content creators in 18 months
FanTV, supported by Krafton, sets ambitious goals to increase user base and creators. With Mysten Labs partnership for Web3 adoption, they aim to innovate in social media and have raised significant funds.
T20 World Cup: Disney+ Hotstar announced that Indian smartphone users can stream the ICC Men’s T20 Cricket World Cup for free on their OTT platform, following the success of a similar model during the ODI World Cup and Asia Cup. The T20 World Cup 2024 will be held in the USA and the Caribbean, featuring 20 teams across multiple venues. Scheduled to start on June 2, shortly after the Indian Premier League, the event is highly anticipated by fans, especially those supporting the Indian cricket team led by Rohit Sharma.
Lionsgate, Abundantia, EFAR to co-produce two films
Lionsgate, EFAR Films, and Abundantia Entertainment are joining forces to co-produce two films, one in the action-comedy and the other in the romantic-comedy genre. The collaboration aims to create culturally resonant and engaging content for global audiences. Scripting has begun for both projects, with a focus on assembling top creative talent for each film. Lionsgate Play Asia's President Rohit Jain expressed excitement about the partnership, highlighting the commitment to delivering innovative films.
Star India's sports losses widen by 50% to $342 million in H1 FY24
Star India's sports business operating loss reached $342M for six months till March 30, surpassing $228M last fiscal. Walt Disney's revenue hit $504M, with costs at $786M due to IPL cricket programming expenses. Ad revenue doubled to $221M.
Walt Disney incurs $2b+ goodwill impairment charge linked to Star India in 2nd quarter
The US entertainment giant, which has signed a merger deal with Mukesh Ambani's Reliance Industries Limited (RIL), has recorded a $1.3 billion non-cash goodwill impairment charge related to the India merger deal, as per a regulatory filing.
NCLT approves Sapphire Media's acquisition of Big 92.7 FM
NCLT Mumbai approved Sapphire Media's plan for Big 92.7 FM, paying Rs. 261 crore to creditors. The resolution process began in February 2023 under the Insolvency and Bankruptcy Code, with a creditors' committee approving the plan on November 11, 2023.
Zee Media Corporation terminates CEO Abhay Ojha
Zee Media Corporation Ltd announced the termination of its CEO Abhay Ojha, effective from May 4, 2024. The company's Board of Directors approved and confirmed Ojha's cessation of employment and his consequent removal as CEO. The reasons for his termination were not disclosed. Ojha had been promoted to CEO last year after joining Zee Media in 2022 as Chief Business Officer.
Movie theatres cut down shows as films fare poorly
According to various estimates of trade analysts, multiplexes having five to six auditoriums are restricting shows to two or three, while some single-screen theatres are temporarily shutting operations, due to poor business and large expenses associated with running them.
'Heeramandi' cast salaries: How much did the actors charge?
'Heeramandi: The Diamond Bazaar' explores pre-independence India through the lives of courtesans. Bhansali directs this Netflix series, revealing a world of romance, history, and politics. Cast salaries and production costs reflect the show's grand scale and ambition.
A revenge of the fifth: Recovering the lost ‘antriksh ke veer’ through AI
Star Wars Day, May 4, and Revenge of the Fifth, May 5. Oliver Huber talks about 'Antriksh Ke Veer,' a blend of Star Wars and Bollywood. The AI artist creates images resembling iconic Star Wars characters using AI software.
Trump Media's newly hired auditing firm was just busted by the SEC for 'massive fraud'
The Securities and Exchange Commission (SEC) charged auditing firm BF Borgers and its owner, Benjamin F. Borgers, with "massive fraud" for deliberate failures in over 1,500 audits. Despite being hired by Trump Media and Technology Group just 37 days prior, the charges are unrelated to their work for the company. The firm agreed to a $12 million fine, with Benjamin Borgers facing a $2 million fine and both agreeing to permanent suspensions from handling SEC-related matters. The SEC found that BF Borgers fabricated documentation, failed to follow accounting rules, and falsely stated that their work met audit standards.
Paramount will let exclusive talks with Skydance lapse
Paramount Global will end exclusive negotiations with Skydance Media without a deal, opening the door for a rival bid. Sony Pictures Entertainment and Apollo Global Management have expressed interest in acquiring Paramount Global for $26 billion. The move comes amidst internal turmoil at Paramount, including the replacement of CEO Bob Bakish. Paramount has been struggling with the aftermath of Hollywood strikes, a soft advertising market, and competition in the streaming sector. The potential acquisition would strengthen Sony's position in the North American box office and create a formidable Hollywood studio.
Sony, Apollo express interest in buying Paramount in $26 bn deal
Sony Pictures Entertainment and Apollo Global Management have shown formal interest in acquiring Paramount for around $26 billion. This development adds complexity to Paramount's ongoing negotiations with Skydance and Redbird Capital Partners. Paramount has been in talks with Skydance, led by David Ellison, for a possible merger and investment deal. The new joint expression of interest from Sony and Apollo proposes Sony as a significant majority shareholder and Apollo as a minority shareholder.
Essel Group looks to clear JC Flowers' dues by June
Essel Group, led by Subhash Chandra, aims to clear ₹1,500 crore debt by June. Positive talks with JC Flowers ARC ongoing. Assets like Dish TV, Zee Learn may be released upon payment. Seeking buyers for debt settlement.
With string of Hollywood hits, Warner Bros. Discovery sees highest ever box office collections in India, says country head Arjun Nohwar
The media conglomerate is unique as it straddles 5 different businesses - more than any of its global peers present in the country. Its largest vertical is the network operations that beams 19 feeds or channels. The second vertical is the streaming platform, discovery+ , third is the theatrical business that releases, markets and distributes Warner Bros. and Universal Studios movies, while the fourth is the TV distribution and licensing business that licenses shows to OTT players like Jio Cinema. Merchandising or Consumer Products, and Gaming is the smallest but fast growing vertical.