Just read through the thread and here are my thoughts on the receivables concern. I work in M&A division of a US MNC and have worked on media deals. This receivable practice is pretty common and sort of an industry standard. Even the big studios work in that manner and this is a similar ques we asked the management. The answer that we got was that the movies that have a budget for high end VFX will not run away with studios money because there are clauses and until the final product is delivered, a good portion of payments are already disbursed.
See an ex. from Indian context, when Adipurush’s first teaser was released, they got a lot of criticism for bad VFX, so instead of just winging it, they went back to make corrections, such movies are made on a very high budget and messing with VFX studio’s payments will do them no good
Yes, they might have to take debt to finance working capital, but that is the nature of this industry, so take an investing call accordingly
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