Padmalaya signs $14 mn deal with Mondo TV

By siliconindia staff writer   |   Wednesday, 31 March 2004, 08:00 Hrs
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MUMBAI: Zee subsidiary Padmalaya Telefilms has signed a $14 million deal with the European animation house Mondo TV group for co-production and licensing of cartoons.

The agreement provides for executive production of 104 new animated episodes (half-an-hour each) by Padmalaya for a consideration of about $14 million, Padmalaya said in a release.

Mondo TV would also give temporary licence of 1,000 cartoon episodes from its old library for ten years for $5 million, it said.

Padmalaya would utilise Mondo TV's old library for financing future productions and has plans to produce two animated movies with the latter, it said, adding that three MoUs for co-production and commercial exploitation of four new animated TV series and licensing of 1000 Mondo TV's library episodes have been signed between the two companies.

Padmalaya has acquired from Mondo TV the commercial rights of the new series for India , Pakistan , Sri Lanka and other countries in the subcontinent and 20 per cent of the exploitation rights for the rest of the world except Italy for a total amount of $10 million.

Mondo TV was also contemplating partnership the 3rd animation studio planned by Padmalaya in next couple of months in Mumbai, it said.

"This synergy will defintely catapult the profile of Indian Animation Industry by merely being a back end operator to a level playing field," Director of Animation Division of Padmalaya Rajiv Sangari said.

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