Date: 30th August 2000
Zee Telefilms Ltd., India's largest commercial broadcaster, is planning to convert its money-losing English-language movie channel to the MGM Movie Channel in October, airing a continuous menu of films from the MGM library.
The deal, in which MGM is expected to acquire a stake in the channel, will allow Zee to compete more effectively against News Corp-controlled Star Movies channel, which also operates in the South Asia region. "It was a necessary step," Gaurav Singh, an analyst with SBI Capital Markets, in Mumbai told Bloomberg News.
"Unless Zee has enough and newer movies it does not make sense for (it) to have a stand-alone movie channel."
Source: Studio Briefing