UTV finalises financing for Shyamalan film

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MUMBAI: Further to disclosures made in its admission document dated 26 June 2007, UTV Motion Pictures Plc has finalised arrangements for the production of the live action movie The Happening.

Further to the memorandum of understanding signed with M. Night Shyamalan’s Blinding Edge Pictures Inc., an agreement has now been signed with Twentieth Century Fox Film Corporation for the financing of 50 per cent of the cost of production.

The cost of production of The Happening is estimated at $67 million, split equally between the UTV Motion Pictures and Twentieth Century Fox Film Corporation. UTV Motion Pictures’s commitment, under the agreement for $33.5million, has been met with the issue of letter of credits by two financial institutions, which matures in 24 months.

The movie is expected to be completed within the next 24 months and worldwide distribution of the movie is being arranged by Fox. Revenues from The Happening will be split equally between UTV Motion Pictures and Fox.

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