Multiplexes will resume the screening of new releases from June 12, with the producers and multiplex owners having resolved their two-month long stand off over the revenue sharing issue early this morning.
Announcing the breakthrough, filmmaker Mukesh Bhatt said the issue was resolved this morning and only the legalities were being worked upon.
''We didn't want a temporary solution but a long term one and details should be available by June 8,'' he said.
Confirming the news, Inox director Deepak Asher told UNI that all issues with the producers have been resolved to mutual satisfaction and that both parties have also agreed to tackle common problems like piracy.
He also stated that the earnings profile would not suffer due to the new terms and conditions that both parties had zeroed on. ''The new revenue sharing model has an element of performance-based evaluation,'' Mr Asher said.
Welcoming the development, Indian Motions Picture Producers' Association (IMPAA) honorary General Secretary Sushama Shiromani said the Industry was happy about the issues being resolved.
''The issue should have been resolved earlier before both sides incurred huge losses. It would be an injustice to say which side lost more, as both parties had invested crores,'' Ms Shiromani said.