Indian media giant Eros Intl. announced Thursday its foray into Tamil-language movies, the second-largest film segment in India after Bollywood’s Hindi-language pics, by forming a joint venture with dominant Tamil-language content and distrib biz Ayngaran.
Eros will take 51% of Ayngaran Intl., a new holding company that is acquiring the business, goodwill and assets of Ayngaran.
No figures were released for the deal, though Eros will provide initial funding of $33 million to take over and expand the business as well as to produce, ac-quire and distribute Tamil films.
Deal gives Eros, which is listed on London’s Alternative Investment Market, access to Ayngaran’s library of more than 600 films while securing rights to 25 films already in development.