Shah Rukh Khan’s upcoming film ‘King’ is yet to arrive in theatres, but it has already reportedly secured a record-breaking overseas distribution deal. According to a report, Phars Films has acquired the international theatrical rights of the Siddharth Anand directorial for a minimum guarantee of Rs 175 crore, making it the biggest overseas rights deal for an Indian film.The development once again highlights Shah Rukh’s strong international box-office pull, which was evident with the overseas success of ‘Pathaan’ and ‘Jawan’. However, the substantial amount involved in the deal also means that ‘King’ will have to deliver an impressive performance in international markets to help its distributors recover their investment.According to Pinkvilla, Phars Films has bagged the overseas theatrical rights for Rs 175 crore, which translates to over USD 18 million. The report adds that the amount has been paid as a minimum guarantee.In the past, Shah Rukh’s international releases have largely been distributed by Yash Raj Films. The production house handled the overseas distribution of ‘Pathaan’, which it backed, as well as ‘Jawan’ in 2023.Phars Films, meanwhile, has previously collaborated with YRF on overseas distribution and has also independently handled the international release of films such as Prabhas-starrer ‘Saaho’. The reported Rs 175 crore agreement is said to set a new record for overseas theatrical rights involving an Indian film. Earlier deals in this space were reportedly below the Rs 100 crore mark.The scale of the investment also sets a challenging target for ‘King’ at the international box office. Overseas distributors typically earn around 50 per cent of a film’s gross collections. Going by this estimate, the report suggests that the film would need to earn approximately USD 37 million to USD 40 million overseas, or around Rs 350 crore to Rs 375 crore, for the distributor to break even.