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The two month long running strike of multiplexes over standoff with film producers over profit sharing ratios has been called off late in the night on Thursday June 4, 2009. It has come as a big relief for the movie buffs as well for the producers, who have invested a huge amount of money.
Mukesh Bhatt, president of the Indian Motion Pictures Producers Association (IMPPA) has confirmed this news. This decision has come out after a marathon 12-hour-long meeting between the exhibitors and producers at Mumbai`s Yashraj studios.
Since April 4, producers had held back film releases due to differences over profit-sharing between film producers and multiplex owners.
The strike resulted in no new releases in multiplexes. Mr. Bhatt informed that new films will come next Friday. The dispute has also been affecting movie fans, in a country where Bollywood has a huge following.
Mr. Bhatt said, "I am feeling very nice as we achieved what we had set out to achieve. I will be able to give out details on Monday but it is equality for all in the revenue sharing."
Bollywood producers went on strike in early April after failing to settle differences with multi-screen cinemas. Producers demanded a 50% share in the revenues generated by the cinemas, while owners said the share should be lower if a film performed poorly.
During the strike many multiplexes showed old films, but audiences were poor and many cinemas reported major losses.
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Posted On : 05 Jun 09
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