Viacom18, a 50:50 joint venture between Network 18 and Viacom Inc. and Paramount Pictures International recently announced a strategic business alliance for India and the Indian sub-continent markets.
The alliance will see Viacom18 Motion Pictures distribute Paramount's theatrical releases in India, Bangladesh and Sri Lanka beginning with one of India's most popular Hollywood franchises, Transformers: Dark Of The Moon directed by Michael Bay, which will be released on July 1, 2011. This will continue with Paramount's forthcoming slate including Super 8, directed by JJ Abrams and produced by Steven Spielberg and Mission Impossible 4, starring Tom Cruise and directed by Brad Bird.
The announcement was made at a press conference in Mumbai, India by Haresh Chawla, Group CEO - Viacom 18, Andrew Cripps, President, Paramount Pictures International, and Vikram Malhotra, COO - Viacom 18 Motion Pictures.
Haresh Chawla, Group CEO - Viacom 18 said, "Filmed Entertainment is core to mass entertainment franchises, like Colors, that we are building at Viacom18. Viacom18 Motion Pictures has built up a very strong presence in the movies business in a short span of time and this strategic alliance with a global major like Paramount Pictures will open up myriad possibilities that will help us further strengthen our presence in this space"
Sharing his perspective on the strategic alliance, Andrew Cripps, President PPI said, "This is a step change for Paramount in one of the fastest growing and most exciting markets internationally. Viacom 18 has positioned itself as one of the most impressive players locally in both distribution and production. We are very proud to be associated with them and look forward to continuing to grow and expand Paramount's presence in India."
Vikram Malhotra, COO - Viacom 18 Motion Pictures said, "Paramount Pictures' strong line-up and franchises and our domestic release slate is a lethal combination. Partnering with a global player like Paramount Pictures, we're confident of Viacom18 Motion Pictures occupying a prominent position in the Indian entertainment industry."
With an aim to significantly change the way Hollywood movies are marketed and distributed in India, Viacom18 Motion Pictures has already created an independent operating unit, within its division, which will handle the Paramount Pictures business.
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