MUMBAI: GV Films is planning to join hands with Shanghai Film Group Corporation of Shanghai Media and Entertainment Group (SMEG) and Growth Global Ltd, UK to develop the concept of GV Studio City in the main cities of Shanghai and China.

Shanghai Media & Entertainment Group (SMEG) is responsible for the operations of its nine subsidiaries, the Shanghai Media Group, Shanghai Film Group, Oriental Pearl Co., Ltd., SME Performing Arts Center, the SMEG Special Events Office, and Shanghai Media & Entertainment Industry Co., Ltd., as well as STR International Holdings Co., Ltd and Shanghai Film Archives.

GV Films has assets in excess of $ 1.34 billion with over 5200 staff and is engaged in live performance, exhibitions, tourism and hotels, traditional and newly developing media technologies including TV, film, radio, broadband internet, mobile entertainment and print media.

A committee of directors has been set up for taking the matter forward.

The Board also discussed the proposal for acquiring films rights for 8000 Hollywood movies and has negotiated a price at $ 43.56 million, and have decided to acquire the content. This content along with the existing contents of 5600 regional films is expected to help the company in a big way in their web casting division, which is a internet based portal for viewing films and movies.

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GV Films acquires rights of 8000 English films