Fox STAR Studios has acquired the worldwide rights to finance and distribute Karan Johar’s upcoming magnum opus ‘My Name is Khan’ for a grand Rs 1 billion.

Fox۪s deal with Dharma Productions and Red Chillies, the makers of the movie, surpasses the earlier highest payout of Rs 900 million made by The Indian Film Company for the Aamir Khan-starrer ‘Ghajini’.

Fox Star Studios will market and distribute the film in India, while Fox Searchlight Pictures will manage the US release. Twentieth Century Fox will meanwhile co-ordinate the release outside the US and India.

Speaking on this collaboration Jim Gianopulos, Chairman and C.E.O of Fox Filmed Entertainment said, “We are extremely proud of the collaboration, My Name Is Khan is a powerful, emotional journey that will cross borders and cultures to enthrall audiences worldwide.”

Vijay Singh, CEO Fox STAR Studios India, responsible for spearheading the entire deal said, “Karan and Shah Rukh have been the most successful combination in Bollywood and we are delighted to be working together on My Name Is Khan.”

‘My Name Is Khan’ releases worldwide in early 2010.