Multi Screen Media sells stake

May 12, 2008 Unconfirmed reports Monday stated that Sony Entertainment Television holding company Multi Screen Media has sold a 32% stake to Indian businessman Bhupendra Kumar Modi's MCorp. News channel New Delhi Television reported that MCorp's $320 million buyout of 32% equity in MSM "will value the company at $1 billion" and that "a binding agreement has already been signed between Modi and SET's investors and a deal is expected to close by early June." Global -- whose interests include Spice Telecom and planned forays in entertainment -- has bought out the 32% stake in MSM held by five SET India founding promoters including Bollywood actor Jackie Shroff and Mumbai-based home video company Shemaroo Entertainment MD Raman Maroo who were looking to offload their shareholding timed with a probable IPO by SET.

Subscribe to the Hollywood Reporter and see the entertainment industry from its best angle: the inside looking out. Complete access to real-time news and exclusive analysis that goes behind the scenes from film to television, home video to digital media.

   Subscribe now.