Reuters: 3i, one of the biggest VC firms in the world, which just lost a deal to invest in IndiaTimes.com portal, has invested $45.5 million in Indian sports and media company Nimbus Communications (for about 31 percent stake).
The money will be used to fund the purchase of sports rights, develop global sports events, invest in TV production and infrastructure, finance Indian and international film production and distribution, and develop content for mobile and other wireless platforms, it said.
Nimbus has produced more than 5,000 hours of TV programming and currently airs 15 television serials every week on various channels. Nimbus plans to take over a leading film distribution company soon to enter the distribution business, it said in a statement.
TOI: Prior to the transaction, Nimbus Communications was valued at around $100m, while post-infusion, the company’s valuation will go up to around $150mn. Harish Thawani, executive chairman of Nimbus Communications, told ET that after the 3i investment, his personal shareholding would decline from around 85 per cent to 54 per cent.
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