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Cyprus Halts Fake News Law to Consult Media Stakeholders

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The Cypriot government has paused the passage of a controversial law aimed at criminalizing fake news and offensive content to consult with media stakeholders. The move comes after growing concerns from the Media Freedom Rapid Response (MFRR) consortium and local media organizations about the potential impact on press freedom. The draft law, which seeks to amend the country’s Criminal Code to curb disinformation, has sparked fears of self-censorship and restrictions on independent journalism. In response, the Cypriot Minister of Justice has scheduled a meeting on October 11, 2024, to discuss the issue with representatives from key media organizations, including the Union of Cyprus Journalists and the Cyprus Committee of Media Ethics. The International Press Institute (IPI), part of the MFRR, has also published an analysis of Cyprus’ media landscape, warning that such laws risk stifling free expression. The MFRR is advocating for media regulations that promote transparency without punitive measures. They have called on the government to withdraw the proposed amendment and ensure alignment with international standards on press freedom. Source: IPI Media  

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Nagarjuna to File Rs 100 Crore Defamation Suit Against Konda Surekha Over Divorce Remarks

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Telugu superstar Nagarjuna has announced his intention to file a Rs 100 crore defamation suit against Telangana Congress leader Konda Surekha. This follows her controversial remarks linking the divorce of actors Samantha Ruth Prabhu and Naga Chaitanya to a political figure, which sparked outrage across the Telugu film industry. Konda Surekha’s comments, which implicated Telangana minister K.T. Rama Rao (KTR) as the cause of the couple’s 2021 separation, quickly drew sharp criticism. While she has since withdrawn her remarks and issued an apology to Samantha Ruth Prabhu, Nagarjuna, Naga Chaitanya’s father, rejected the apology, stating that his family had not received any acknowledgment or apology. Nagarjuna, who had already filed a criminal defamation lawsuit earlier, confirmed to Times Now that he is preparing another Rs 100-crore defamation suit. He expressed his frustration, saying, “The slander has gone far beyond just me and my family.” He added, “What about my family? Not a word of apology to me and to my family!” The actor also emphasized that the entertainment industry should no longer be a “soft target” for political gains, stating, “You can’t use our names for political gains. We in the entertainment industry won’t be soft targets anymore.” The controversy erupted when Surekha, during a political dispute, took the names of Samantha and Naga Chaitanya, linking their personal lives to political figures. The remarks triggered strong reactions from the Telugu film industry, with prominent figures showing solidarity with Nagarjuna and his family. As the row intensified, the Telangana Congress unit intervened, asking the film industry to move on from the controversy after Surekha retracted her statements. However, Nagarjuna’s defamation suit indicates that the matter is far from over. Despite Surekha’s apology, Nagarjuna remains resolute, stating that such actions should not be taken lightly, particularly when they involve personal and family matters. The lawsuit aims to send a clear message that such defamation will not be tolerated within the entertainment industry. Source: Deccan Herald

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Micro Dramas Emerge as China’s New Disruptor in Global Entertainment

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After TikTok’s global impact, China’s latest disruptor in the entertainment space is micro dramas—ultra-short fiction content created for mobile consumption. These digital-native shows, typically consisting of 60-100 episodes, with episodes lasting between 30-120 seconds, are capturing global attention. The micro-drama market, excluding China, is already worth $2 billion annually and is expected to double by 2025. China, however, leads the micro-drama revolution, with its market projected to be growing at an astonishing 250% annually. In 2023, the Chinese micro-drama sector grossed $5.2 billion, almost equaling the size of the country’s theatrical cinema market. Platforms like Kuaishou and Douyin (TikTok’s sister app) are driving this boom, delivering professionally produced, highly engaging short-form content. Micro dramas differ from user-generated content on social media platforms like Instagram Reels or YouTube Shorts. These are scripted, professionally-produced shows, with story beats and arcs similar to full-length series, but condensed for on-the-go consumption. They feature a mix of genres, ranging from vampire love stories to time-traveling chefs, appealing to a vast audience. Production costs for micro dramas are relatively low—around a few thousand dollars per episode—and turnaround times are fast, with some shows being produced in just two to three months. The monetization models are varied, including ad-supported video-on-demand (AVOD), subscription (SVOD), and freemium models, which are reminiscent of China’s dominant video game business. Notable players include ReelShort, which dominates the U.S. market with backing from Tencent and Baidu. Chinese micro-drama apps saw significant international traction in early 2024, with 30 million downloads and $71 million in revenue. Despite concerns about the simplicity and formulaic nature of many micro dramas, the format is rapidly expanding across East and Southeast Asia, with growing interest in the U.S. The business is still evolving, with low barriers to entry allowing non-traditional media players to compete with established entertainment giants. As the micro-drama trend continues to grow, it promises to reshape global media consumption, offering a fast, affordable, and scalable way to engage audiences on mobile platforms. Source: Variety. Com

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Media & Entertainment Stocks Surge; Saregama, Tips Films Rally Up to 20%

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Shares of media and entertainment (M&E) companies surged in Wednesday’s intraday trade, with several stocks rallying up to 20%. Companies such as Saregama India, Tips Films, Mukta Arts, Pritish Nandy Communications, and Zee Entertainment Enterprises saw significant gains, supported by strong volumes in an otherwise range-bound market. Among the top performers, Saregama India hit a record high of Rs 622 per share, marking a 17% rally. The stock has soared 80% since April 2024, reflecting strong investor confidence in its evolving business model, which focuses on digital monetization through over-the-top (OTT) platforms and licensing income. Analysts expect the company’s profitability to remain robust due to increasing digital content consumption. Tips Films also hit the upper circuit, gaining 20% and closing at Rs 658. The company, known for producing and distributing films and web series, has projected an ambitious growth path. In its FY24 annual report, Tips Films emphasized its plan to produce 5 to 6 films per year, signaling strong prospects for content demand. Subhash Ghai’s Mukta Arts also saw a 20% rally, reaching Rs 97.09 after the company announced a new agreement with Zee Entertainment Enterprises for the satellite and media rights of 37 films, effective from 2027. Although the transaction value was not disclosed, the deal was reportedly 25% more lucrative than previous agreements. The media sector, as a whole, is experiencing strong growth, with the Indian M&E industry projected to reach Rs 23,800 crore by 2026. Analysts point to growing demand for Hindi films and digital content, alongside expanding revenue from tier-II and III cities and international markets. Shares of Pritish Nandy Communications also hit a 52-week high, locked at a 20% upper circuit at Rs 79.16, driven by the company’s successful ventures in film and digital series production. As per the FICCI-E&Y Report, the M&E sector is expected to grow by 10% annually, reaching Rs 3.08 trillion by 2026, with digital media leading the charge in content consumption. Source: Business Standard

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Bangladesh Faces Potential ICC Sanctions for Slow Over Rate in India Test

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Bangladesh, after a strong start against India in the first Test in Chennai, could face sanctions from the International Cricket Council (ICC) for failing to meet the required over rate. Despite reducing India to 34 for 3 and 144 for 6, a brilliant partnership between Ravichandran Ashwin (102*) and Ravindra Jadeja (86*) helped the hosts recover to 339 for 6 by the end of Day 1. However, Bangladesh’s woes extended beyond their faltering grip on the game, as the team was 10 overs short of their target, despite being granted an additional half-hour to complete their quota. This shortfall could result in ICC penalties under Article 16.11.2 of the World Test Championship (WTC) playing conditions, which mandates the deduction of one WTC competition point for each penalty over a team incurs. This isn’t the first time Bangladesh has faced such issues. Last month, they were docked three WTC points and fined 15% of their match fee for being three overs short in their Test match against Pakistan. The repeat offense could see harsher penalties from the ICC. Cricket commentator Harsha Bhogle expressed his disappointment, stating, “It has to be unacceptable,” referencing Bangladesh’s failure to complete even 80 overs despite the time extension. Bangladesh bowled 23 overs in the first session, 25 in the second, and 32 in the final session. As Bangladesh looks to recover in the Test match, the looming threat of sanctions adds to the pressure on the team, which could see crucial WTC points slip away due to slow over rates. Source: NDTV

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Zee Entertainment Shareholders Approve Plan to Raise ₹2,000 Crore

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Zee Entertainment Enterprises Ltd. (ZEEL) shareholders have approved a plan to raise ₹2,000 crore through various financial routes, including equity shares and qualified institutions placements (QIPs). The special resolution, which allows the company to issue securities for an amount not exceeding ₹2,000 crore, was passed with 78.83% of the total votes, according to a scrutinizer’s report filed by Zee. The remote e-voting process for the special resolution began on Sunday and concluded on Monday, July 15, 2024, at 5 pm. ZEEL plans to raise the funds in one or more tranches through methods such as private placements, qualified institutional placements, preferential issues, or a combination of these options. While the company has not yet disclosed specific plans for the raised amount, industry experts expect it will be partially allocated toward business expansion. This fundraising comes after the termination of a merger agreement between Sony Corporation and ZEEL to combine their entertainment businesses in India. Following the deal’s termination, ZEEL announced a strategic realignment of its revenue verticals under the direct guidance of its MD and CEO. Karan Taurani, SVP at Elara Capital, commented on the development, stating, “This move could improve investor confidence, depending on the quality of the investors involved.” He added, however, that further clarity is needed on the fund’s potential utilization and the exact method through which it will be raised. Source: Business Standard

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Vir Das becomes first Indian to host International Emmy Awards

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Indian stand-up comedian and actor Vir Das has made history by being announced as the host for the 2024 International Emmy Awards, becoming the first Indian to take on this prestigious role. The announcement was made by the International Academy of Television Arts & Sciences on September 11, 2024. The ceremony is set to take place on November 25 in New York City, where Das will showcase his unique humor and perspective to a global audience. Vir Das expressed his excitement on social media, stating, “Thanks to your support, an Indian Emmy Host! I can’t wait to host the @iemmys this year! Crazy. Thank you for having me. Tremendously honoured and excited!” His fans and fellow celebrities have congratulated him, including notable figures like Hrithik Roshan and Dia Mirza, who praised his achievement. Das is no stranger to the Emmy stage; he was nominated in 2021 for his special “Vir Das: For India” and won the International Emmy Award for Comedy in 2023 for his Netflix special “Landing.” His career spans various platforms, including television and film, where he has created and starred in series like “Whiskey Cavalier,” “Hasmukh,” and “Jestination Unknown.” Currently, he is on his international “Mind Fool” tour and has recently appeared in Prime Video’s “Call Me Bae. “Bruce L. Paisner, president and CEO of the International Academy, stated, “We’re delighted to welcome back Vir Das to our stage and to add International Emmy Host to his impressive list of talents.” This historic hosting role highlights Das’s rising prominence in the global entertainment industry and his contributions to comedy and storytelling. Source: Hindustan Times

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Makers of Kangana Ranaut’s ‘Emergency’ Approach Bombay High Court Seeking Film Release

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The makers of Kangana Ranaut’s film Emergency have approached the Bombay High Court, seeking its release and a censor certificate. Co-produced by Zee Entertainment Enterprises, the petition was filed on Wednesday, accusing the Central Board of Film Certification (CBFC) of arbitrarily withholding the censor certificate. According to the plea, the CBFC is allegedly ready with the certificate but has refrained from issuing it. The plea was mentioned before a division bench of Justices B.P. Colabawalla and Firdosh Pooniwalla, who agreed to hear the case later in the day. Originally slated for release on September 6, the film’s launch was postponed indefinitely following objections from Sikh organizations, including the Shiromani Akali Dal. The groups accused the movie of misrepresenting the community and distorting historical facts, sparking controversy around its content. Directed and co-produced by Kangana Ranaut, who also plays the lead role of former Prime Minister Indira Gandhi, the biographical drama has faced significant backlash. Ranaut, a BJP MP from Mandi, Himachal Pradesh, expressed disappointment over the delay, accusing authorities of imposing an “Emergency” on her movie. Reacting to the postponement, Ranaut stated, “It’s a very hopeless state. I’m quite disappointed by our country and the circumstances.” She argued that the events depicted in her film are not new, referencing other films like Madhur Bhandarkar’s Indu Sarkar and Meghna Gulzar’s Sam Bahadur, which portrayed similar historical episodes. Determined to release her film uncut, Ranaut vowed to fight the legal battle, stating, “I’ve made this film with a lot of self-respect, which is why the CBFC can’t point out any contention… I’ll fight in court and release an uncut version.” Source: Hindustan Times

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Zomato Completes Acquisition of Paytm’s Entertainment and Ticketing Business

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Zomato has successfully completed the acquisition of Paytm subsidiaries Wasteland Entertainment Pvt Ltd (WEPL) and Orbgen Technologies Pvt Limited (OTPL) for ₹2,048 crores, marking its entry into the entertainment ticketing business. This strategic move aims to expand Zomato’s reach beyond food delivery into the entertainment sector. The acquisition, finalized on August 21, was confirmed through official filings by both companies. The deal, valued on a cash-free, debt-free basis, highlights the value Paytm has created in the entertainment ticketing space, with its platforms TicketNew and Insider offering convenience to millions of users. As part of the agreement, Zomato will acquire a 100 percent stake in WEPL and OTPL, bringing approximately 280 employees from Paytm’s entertainment ticketing division under its wing. During a 12-month transition period, movie and event tickets will continue to be available on the Paytm app and the TicketNew and Insider platforms, ensuring uninterrupted service for users. Paytm, which had invested ₹268 crores to acquire TicketNew and Insider between 2017 and 2018, plans to refocus on its core payments and financial services business. Despite this divestment, the entertainment ticketing segment remains an important milestone in Paytm’s journey. Following the announcement, Zomato’s stock opened in green at ₹256.20, reflecting investor confidence in the company’s expanded business strategy. Over the past six months, Zomato has delivered a 60 percent return to its shareholders, underscoring the market’s positive outlook on the company’s growth prospects. Source: Hindustan Times

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Mukesh Ambani: Disney Deal Ushers in New Era for India’s Entertainment Industry

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Reliance Industries Chairman Mukesh Ambani hailed the merger of media assets between Reliance and Walt Disney as a transformative moment for India’s entertainment sector. Speaking at the Reliance AGM, Ambani emphasized that the partnership marks the start of a new era by blending content creation with digital streaming, much like Reliance’s success with Jio and Retail. The deal, approved by the Competition Commission of India (CCI), combines Reliance’s media holdings, including TV18 and the Colors brand, with Disney’s assets, creating India’s largest media empire valued at over Rs 70,000 crore. The joint venture will house two major OTT platforms, Disney Hotstar and Jio Cinema, along with 120 television channels. Ambani highlighted that the combined media business would be a crucial growth center for the Reliance ecosystem, promising to deliver world-class digital entertainment to cater to diverse consumer tastes at affordable prices. “Our digital-first approach will deliver unparalleled content,” he added, underlining the potential of this venture to redefine India’s media landscape. The merger will see Reliance and its affiliates hold a 63.16% stake in the combined entity, while Disney will hold the remaining 36.84%. Reliance has committed to investing nearly Rs 11,500 crore into the venture to enhance its competitive edge against rivals like Sony and Netflix. Nita Ambani, wife of Mukesh Ambani, will chair the new joint venture, with Uday Shankar serving as Vice Chairperson. The CCI’s clearance of the merger followed adjustments proposed by both parties to the original transaction structure. Source: Business Standard

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