UTV ties with Hollywood star Will Smith, Fox

In one of the biggest co-production deals, production house UTV has tied up with one of Hollywood's biggest stars, Will Smith as well as one Fox Searchlight Pictures for a $37 million co-production agreement for films to be created and distributed worldwide.

The spate of co-production agreements include a $30 million co-production agreement with Smith and his production company Overbrook Entertainment and Sony Pictures Entertainment. The agreement is to create films and distribute worldwide as well as a co-production agreement with Fox Searchlight on its forthcoming film "I think I Love My Wife" starring comedian Chris Rock.

"UTV is focused on collaborating with like-minded partners like Fox, Sony and Smith to produce entertainment for global audiences. These projects are a big step in reaching key North American markets and expanding our presence globally. UTV has made the biggest commitment by any South Asian media major to international co-productions and we will continue to lead the way in this regard," UTV CEO Ronnie Screwala was quoted as saying in the release.

The two-picture deal emerged when Sony arranged a visit for Smith and Lassiter to India in February 2006 to explore co-production possibilities. They met with media titans and key members of the creative community.

As a result of the co-production agreement, UTV and Overbrook will develop films that will have a global reach and appeal.

The first two projects will be a live-action film valued at $10 million and a CG animated motion picture at $20 million, the release added.