Valuable Group has acquired MovieBeam, including all of its assets, trademarks, IPR, and alliances that Disney, Intel, Cisco and other private equity investors spent over $200 million in creating. MovieBeam is a push video-on-demand service launched by Disney in 2005, wherein movies are beamed wirelessly into customers’ homes to a set-top box.
The Valuable Group is known for its success in rapidly building and operating numerous media and entertainment initiatives. It has also pioneered and runs the largest satellite based digital cinema network in the world – UFO Moviez.
Commenting on the development, Sanjay Gaikwad, Founder & Managing Director, Valuable Group, said, “This acquisition was a strategic fit in our global expansion strategy for our media and entertainment vertical. Through this acquisition, Valuable will further establish itself as a leader in the media and entertainment space, allowing us to deliver ethnic and Hollywood content to homes and the hospitality industry worldwide. Films will be delivered in high definition format, and viewers will get access to library films as well as the latest releases on a first day, first show basis. We have earmarked an investment of $100 million over the next two years for the re-launch of this service in North America, the UK and other overseas markets.”
Ameya Hete, Executive Director, Valuable Group, and CEO, MovieBeam, who is spearheading this initiative, said, “This service will completely redefine the on-demand entertainment market. We have added some cutting edge features to the MovieBeam service that will bring additional and currently unrealised revenues back to the entertainment industry and the deserving constituents. We will be rolling out the service by the end of 2008 in three markets.”
In addition, Disney spun off MovieBeam in January 2006 and in March 2007 Movie Gallery, Inc. acquired MovieBeam. The Valuable Group acquired MovieBeam through Dar Capital Ltd, which handled the complete acquisition process on behalf of Valuable Group.