Lachlan Keith Murdoch, son of media mogul Rupert Murdoch, is in advanced stages of negotiations to acquire around 30% stake in Percept Picture Company (PPC) for roughly around Rs. 250 crores.
Percept Holdings is media business house with over 900 people across three continents in 61 offices with capitalized billings of Rs. 1321 crores. Apart from the movie entertainment division PPC, in which it holds 75% , Percept Holdings also has a celebrity management company, an advertising agency, an outdoor media business and a PR firm in its portfolio.
India’s media and entertainment sector has been attracting a lot of funding now-a-days. In 2005, Temasek Holdings of Singapore took a 14.9% stake in Mumbai-based Shringar Films. Last year, Australia-based Macquarie Bank acquired about 6.6% in entertainment company UTV Software Communications with Walt Disney also acquiring 14.9 % in the firm. In November 2006, Ten Sports too finally sold its controlling stake to Zee in a cash deal worth over Rs. 256.6 crores. Recently, Nimbus Communications received a fresh round of PE funding worth Rs 552 crore from 3i, Cisco and Oman Investment Fund (Post). Reliance Capital has picked up controlling stake in Adlabs and Synergy Communication.
Read more in The Economic Times article.
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