Mumbai Mirror has published a blind item about a movie tycoon who is seeking funds to repay loans to his creditors.
Times are tough even in the movie business, owing to a slowdown in the economy. A movie business tycoon who has produced several hits & even owns an OTT platform is rumored to be in financial trouble. It is a bit strange considering his company is listed on the stock exchange & his movies make a lot of money. Maybe his foray into the OTT space backfired. His web series based on the PM, which released just before the elections got him into legal trouble. We think he was hoping to play the valuation game. Wherein the business is kept alive only to make it look lucrative for a prospective buyer. But sadly due to the slowdown in the economy, nobody is ready to spend big as of now.
The tycoon is very influential & is one of the biggest distributors in the industry. He has a huge lineup of films. His being in distress doesn’t bode well for the industry. His company narrowly escaped being mirred in the MeToo controversy. They had hired two top level execs from a media giant, who had a reputation of being sleazeballs. Luckily for the company both of them had quit the company by the time the MeToo scandal happened.
THE founder of this old movie studio is a worried man. Things haven’t been good for the tycoon’s business which has been seeing a slowdown in recent months, more so coupled with legal problems. Now we hear, the said tycoon is desperately seeking funds to repay loans and has been approaching all and sundry for help. A debt trap is what he may get into, which is taking a loan to repay another loan, which he would have seen in the case of an aviation baron recently.
Tycoon: Kishore Lulla