Sony increases take in PE-backed India subsidiary
Sony Pictures Television, the international television production and distribution arm of Sony, has increased its stake in Indian subsidiary Multi Screen Media (MSM), which is also backed by private equity investor Capital International. Sony has agreed to buy a 32% stake from several investors – including Bollywood actor Jackie Shroff and Singapore banker Rakesh Aggarwal – for $271 million, taking its overall holding to just over 94%. Capital International owns the remainder.
The share buyback, which is still subject to government approval, values the broadcaster at around $800 million. When the deal closes in December $145 million will be transferred to the Grandway Global...
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