"Universal Music India, a division of Universal Music Group, will acquire a 30% equity interest in the Mumbai-based movie studio. In the deal, announced Monday, the companies will work together on forthcoming films, series, music and emerging formats. While getting involved in India's local film industry, Universal Music will also now receive global distribution rights for all future original soundtracks attached to projects produced or owned by Excel."
"Founded by producers Ritesh Sidhwani and Farhan Akhtar in 1999, Excel is responsible for making over 40 different films and scripted shows. Its most popular titles include "Dil Chahta Hai," "Don" and "Talaash." The company is currently valued at approximately $290 million. "India's entertainment landscape continues to grow from strength to strength, and this is the perfect moment to build meaningful global collaborations," said Sidhwani and Akhtar in a joint statement. "Together, we aim to take culturally rooted stories to the world.""
Universal Music India will acquire a 30% equity interest in Mumbai-based Excel Entertainment for $80 million and will collaborate on films, series, music and emerging formats. The deal grants Universal global distribution rights for all future original soundtracks produced or owned by Excel and contemplates launching an Excel-linked music label to place UMG and Universal Music India artists in Excel titles. Excel, founded in 1999 by Ritesh Sidhwani and Farhan Akhtar, has produced over 40 films and scripted shows including Dil Chahta Hai, Don and Talaash, and is valued at approximately $290 million. Universal Music Group is valued near $48 billion.
Read at Los Angeles Times
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