Lions Gate, Eros agree to distribution venture

LOS ANGELES, May 20 (Reuters) - U.S. independent film and television studio Lions Gate Entertainment (LGF.N) said on Tuesday that it agreed to form a joint venture with Bollywood film distributor Eros International (EROS.L) to distribute its films in South Asia.

The joint venture provides Lions Gate, which had recent movie releases like "The Bank Job" and "Saw IV," a foothold in the fast-growing India market. The two companies plan to announce the venture at the Cannes film festival.

Lions Gate said it would distribute its film library and new movies through Eros' network in South Asia. It would also gain distribution rights to 20 titles from Eros' library of films, including "Gandhi, My Father."

The two companies will also look into remaking movies from Lions Gate's library and other third parties for the local language Indian market. (Reporting by Daisuke Wakabayashi; Editing by Gary Hill)