Soros picks up 3% in Reliance Entertainment for $100 million

Economy Bureau
Posted: Feb 08, 2008 at 0250 hrs IST
Updated: Feb 08, 2008 at 0308 hrs IST

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RCoM net profit up 86% at Rs 1,304 cr RCoM net profit up 86% at Rs 1,304 cr REL to transfer infra projects to subsidiary Reliance Capital Q2 net up 20% at 201.28 cr

Celebrity investor George Soros has picked up a 3% stake in Reliance Entertainment, the unlisted entertainment holding company of the Reliance Anil Dhirubhai Ambani Group (RADAG), for $100 million.

The stake sale values Reliance Entertainment at $3 billion (about Rs 12,000 crore.) Reliance Entertainment is RADAG’s umbrella entertainment company under which the entire media, internet and entertainment game plan of the RADAG is being rolled out.

FE had reported on December 24 that RADAG was in talks with several global investors to sell about 5% of Reliance Entertainment.

Confirming the deal, a Reliance Entertainment spokesperson said: “We are delighted to have a sophisticated investor like George Soros as a stakeholder.” Reliance Entertainment, till now 100% owned by Anil Ambani, has three main business lines—internet & new media, film entertainment and TV broadcasting. The company might get listed at some point.

Under its internet and new media initiatives, the company has launched new ventures like gaming portal Zapak and Big Adda, a social network and social media venture.The company also has plans to launch a bouquet of TV channels. On the film production side, the plans comprise film production and film distribution.

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Soros picks up 3% in Reliance Entertainment for $100 million

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