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Others George Soros picks up 3 pc stake in Reliance Entertainment for $100 mn

George Soros picks up 3 pc stake in Reliance Entertainment for $100 mn

Author | Jagadeesh Krishnamurthy | Friday, Feb 08,2008 6:40 AM

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George Soros picks up 3 pc stake in Reliance Entertainment for $100 mn

Global financier and philanthropist George Soros has picked up 3 per cent stake in Reliance Entertainment for $100 million (about Rs 400 crore). With this stake sale, the value of Reliance Entertainment has now gone up to around $3 billion (approximately Rs 12,000 crore). Reliance Entertainment is the media and entertainment company of Reliance Anil Dhirubhai Ambani Group.

A Reliance Entertainment spokesperson has confirmed the development. Reports were floating in media that the company was planning to sell around 5 per cent of its stake and was in talks with some global funds.

Reliance Entertainment has three main lines of business – Internet and new media, film entertainment and TV broadcasting. Reliance Entertainment will produce 25-30 movies within the next two years and about 7-8 animation films. The firm is owned 100 per cent by the Anil Ambani family and associates. Its various business units include a movie production business, animation, a movie studio, social networking site Bigadda.com, FM radio, movie rentals, online gaming, mobile gaming, a home video unit and theme parks.

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