07 February 2004
Chennai: The move is akin to computer animation one image morphing into another. The Chennai-based computer animation company, Pentamedia Graphics, has decided to create a sort of mirror image out of its wholly-owned subsidiary Mayajaal Entertainment.
Not only is the Rs.243 crore Pentamedia converting its wholly-owned subsidiary Mayajaal Entertainment (turnover Rs.5 crore), into a composite entertainment company by transferring its animation and internet channel (Num TV) to it, will also merge three other subsidiaries with Mayajaal.
The three companies to be merged with Mayajaal are, Kris Srikkanth Sports Entertainment (engaged in production of television serials and sports programmes) Media Dreams (film and television programme production company), and Intelivision (which owns the children''s channel Splash). Mayajaal operates an entertainment complex with multiplex theatres, food court, bowling alleys, video game parlour and an 18-acre sports complex Mayajaal''s The Champ Sports Village. Mayajaal has invested Rs. 30 crore into these facilities.
So what will Pentamedia do? Answers S Chandrasekaran, chief financial officer, "All businesses undergo a change. Right now, we think this is the best move to offer value to the shareholders. Pentamedia will become a marketing and distribution outfit selling the films produced by the group outfits."
It will also hire out its infrastructure to various media-related activities. Pentamedia will retain the title to the land, building, plant and machinery while only the digital assets, hardware and software of the animation and Num TV divisions will be transferred to Mayajaal.
The company will continue to run its compact disc (CD) and computer based tutorials (CBT) business. The division has recently bagged a large order for replicating CD ROMs from the US-based Power Conversion (India).