Guess Who: Studio Folds Up Local Production Business
Rajeev Masand has published a blind item in Open The Magazine,about a global studio which is folding up its local production business.
This studio head was the TV network’s Indian CEO’s pet. Despite their initial films suffering huge losses, this CEO kept his job. Luckily for him, his bets later on turned out to be money spinners. But when the network got sold off to another studio, the TV network’s CEO lost his clout, which he had. This meant that even the studio head was not as influential as he used to be. Tough luck.
The movie business is going through a horrible phase. With several movies flopping last years, many studios were bleeding. Now with coronavirus delaying releases & adding to the interest burden, many studios/producers will have to shut shop.
For some time now there have been whispers that a prominent film studio may be folding up its local production businesses. But given that the studio has had a steady roster of releases over the last few years, those rumours have remained just that: gossip. However, that eventuality began to loom large last year when the studio was swallowed by a global conglomerate. Plus the fact that their recent Hindi films have failed to make the cut does not bode well for its future.
With the studio head recently stepping down after a long run, the chatter has started again. There’s also the added blow of coronavirus quashing the business of that one new release from the studio that was performing promisingly at the box office.
According to the industry grapevine, the creative head of the studio has begun talks with other outfits. Most insiders expect that the person will land on their feet given their reputation for sniffing out quality material. But there is also the matter of the dozens of employees (many who’ve been around since the start) who could lose their jobs in an already vulnerable market.
Studio: Fox Star Studios
CEO: Vijay Singh
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