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FDI in media & entertainment rises 72% in 2011-12
indiantelevision.com Team
NEW DELHI: Foreign direct investment (FDI) in media and entertainment sector revived in 2011-12 on the back of Disney‘s big stake buy in UTV Software Communications, after sagging in the previous year.
The sector received Rs 32.64 billion of FDI during the year, 72 per cent more than in 2010-11. FDI in media and entertainment industry in 2010-11 was Rs 18.87 billion and in 2009-10 Rs 23.40 billion.
The marquee transactions during 2011 included Walt Disney Company?s acquisition of an additional 41 per cent stake at a value estimated to be over $300 million in UTV Software (which took its shareholding in UTV to approximately 90 per cent), Providence Equity Partners? PE investment in UFO Moviez India ($58 million), and HSBC PE?s investment in Avitel Post Studioz ($60 million).
FDI in teleport hubs, direct-to-home, cable networks, and multi-system networks is proposed to be raised to 74 per cent from the present 49 per cent if they undertake to upgrade and digitise their systems with addressability.
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