Anil Dhirubhai Ambani Group’s Reliance MediaWorks, formerly Adlabs, has acquired ilab, a London based film processing and post production facility, for an undisclosed sum. WSJ adds that ilab’s annual revenue is about $5 million.
According to the company, Reliance Mediaworks UK will offer processing, restoration, 2D to 3D conversion and post production services to broadcasters and studios, both from India and the US, and for Hollywood and Bollywood film makers. Its US subsidiary Lowry Digital has already secured image processing and restoration work for two projects from UK based broadcasters.
Reliance ADA Group have been focusing on growing their film and TV production and service business. In September 2008, they signed a deal with Dreamworks to set-up a studio for $1.2 billion in which ADAG would have a 50 percent stake. In June 2009 the company further invested $325 million in Dreamworks Studio. In March last year the group launched a television production house Big Productions to partner BIG Synergy,Reliance’s TV Production house in alliance with Siddhartha Basu’s Synergy Communications, to adapt the movie 13 B into a television series called ‘Fear has a New Address’.
Later the same year, the company got the go-ahead from the I&B Ministry to transfer the radio division from MediaWorks to Reliance Unicom. Further it dissolved its subsidiary Entertainment One India, which produces, invests in and markets Indian feature films into the parent company. It also transferred the digital cinema division of Mukta Adlabs Digital Exhibition to Reliance MediaWorks. The group also decided to expand its Big Cinemas to Netherlands and Nepal in the FY 09-10. BIG Cinemas owns 457 screens across India, US, Malaysia and Netherlands.
MediaWorks had also recently announced that it would set up a joint venture studio for conversion of 2D movies into 3D in India with US-based In-Three. The new studio is likely to focus mainly on Hollywood titles and content from global clients of In-Three.
The company had reported a consolidated net loss of US$ 2.3 million for the quarter ending September 2009. Total standalone income was reported to be $23 million, almost $10 million more compared to income of the quarter ending June 2009.
–Reliance MediaWorks To Set Up JV With In-Three
–Sep09 Results Digest: Reliance Mediaworks (Adlabs), CDIL, Tata Comm & Pyramid Saimira
–Reliance ADAG Infuses $325M Into Dreamworks; First Movie In 2010; IPO?
–Reliance ADA Group Inks BIG $1.2 Billion Dreamworks Deal
–Reliance ADAG Launches BIG Productions; All The BIG Businesses
–Adlabs Restructures: Big FM Demerged, Digital Cinema Div Transferred, Media BPO
–FY09: Adlabs Films Posts Rs.513.7M In Losses; Big Cinemas To Expand