Soros puts $100mln in India's Reliance Entertainment
Thu Feb 7, 2008 11:02pm EST
MUMBAI, Feb 8 (Reuters) - Billionaire investor George Soros has bought 3 percent of Reliance Entertainment for $100 million, a spokesman for the Indian company said, the latest sign of increasing investor interest in Indian entertainment firms.
"The purchase values the company at $3 billion," he said.
Reliance Entertainment, owned by the diversified Anil Dhirubhai Ambani Group, has interests in Internet and new media, film production and distribution and television broadcasting.
The ADAG Group also has a majority stake in production and distribution company Adlabs Films Ltd (ADLF.BO: Quote, Profile, Research), and plans to launch Internet Protocol TV and a satellite broadcast service.
India has the world's third-biggest cable TV market, which is forecast to become Asia's most lucrative pay TV market by 2015. Broadcaster New Delhi Television Ltd (NDTV.BO: Quote, Profile, Research) recently sold 26 percent in a unit to NBC Universal for $150 million.
Walt Disney (DIS.N: Quote, Profile, Research) has a minority stake in broadcaster UTV Software Communications (UTVS.BO: Quote, Profile, Research), while Time Warner's (TWX.N: Quote, Profile, Research) Turner International and Viacom Inc (VIAb.N: Quote, Profile, Research) have ventures with Indian firms for entertainment channels. (Reporting by Rina Chandran; Editing by Ranjit Gangadharan)
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