Kinowelt Medien will invest DM100 million ($52 million) in further acquisitions of film rights after receiving $79 million in loans from several German banks.

Kinowelt will spend the remaining $27 million on its own expansion through the procurement of shares in other companies. The group boasted a record profit of $11.4 million and a $120 million turnover in 1998. Since going public last year, Kinowelt has seen its stock soar by 500% on Frankfurt's Neuer Markt index.

UNITED KINGDOM

Grey dances in 'Dark'

Joel Grey, veteran hoofer best known for playing the master of ceremonies in "Cabaret," has joined the cast of Lars Von Trier's "Dancer in the Dark," along-side Bjork and Catherine Deneuve.

CHINA

Chang taps Cheung

Satcaster Star TV has tapped Donald Cheung VP as special assistant to exec chairman Gareth Chang. In this new post, Cheung will assist Chang in special projects and coordinate initiatives throughout the Asia Pacific region with specific focus on China. Cheung is a marketing veteran in the information technology industry with more than 10 years experience in the region.

Separately, Star TV upped Toby Hayward to exec VP of ad sales. Previously, he was VP of international ad sales and client services.

SPAIN

Fest to fete Tavernier

The 47th San Sebastian Intl. Film Festival, which takes place Sept. 16-25, will honor French helmer Bertrand Tavernier with a retrospective. Tavernier will also serve as the president of this year's official jury.

Sidebars at the San Sebastian fest are a tribute to the work of U.S. director John Stahl ("Imitation of Life," "Magnificent Obsession") and a retrospective of Italian comedies from the '60s and '70s.

Festival is moving its headquarters and main theater from the fin-de-siecle Victoria Eugenia to a just-built Festival Palace, designed by architect Rafael Moneo.

INDIA

Zee TV bows 'Net unit

Zee Telefilms is setting up an Internet unit with an investment of $125 million. Speaking at an investors meeting in Delhi on Tuesday, Zee chairman Subhash Chandra said the parent company will hold a 25% stake in the new venture and throw open the rest to shareholders. The subsid should be operational by October.