Entertainment software firm, Pentamedia Graphics bought three local content firms in an all-stock deal valued at over Rs 175 crore ($37.5 million). The firm's board also approved other content-related investments totaling over $22 million.
The three local firms -- Media Dreams, Mayajaal and Krish Srikkanth Sports and Entertainment -- have been acquired through a preferential allotment of over 3.5 million equity shares valued at Rs 500 each.
Pentamedia said that Media Dreams specialised in entertainment programming for television and the Internet and had over 500 hours of content. It also supplies content to the firm's to-be-spun-off Internet broadcasting venture, Numtv.com.
It said,Krish Srikkanth Sports is a sports-based content provider for both television and the Internet and Mayajaal is a new theme-based entertainment complex comprising multiplexes and theme projection domes.
Pentamedia shares closed at a new year's low on Tuesday, losing over 4.6 per cent or Rs 13.85 to end at 285.85 on the Bombay Stock Exchange, on a day when the Sensex took a technology-led knock.