Universal Music Group’s Indian unit has acquired a minority stake in Bollywood production house Excel Entertainment, securing global rights to future original soundtracks, according to Variety.
Universal Music India has signed a definitive agreement to buy a 30% equity stake in Excel Entertainment, valuing the Mumbai-based film and digital studio at about Rs 2,400 crore ($267 million). As part of the deal, the acquiring company will get global distribution rights for all original soundtracks from the acquired company’s upcoming films and series.
Under the agreement, the acquiring company is expected to set up a dedicated music label for Excel’s projects with global distribution. Universal Music Publishing Group will become the acquired company’s exclusive music publishing partner. The arrangement also allows Universal’s artists to collaborate on future Excel productions.
Devraj Sanyal, Chairman and Chief Executive Officer of Universal Music India and South Asia and senior Vice President of Strategy for Africa, the Middle East and Asia, will join Excel Entertainment’s board of directors. Ritesh Sidhwani and Farhan Akhtar will continue overseeing creative direction and content decisions.
The transaction involved multiple advisors. AZB & Partners and KPMG advised Universal Music Group, while Morgan Stanley, Khaitan & Co., and Ernst & Young advised Excel Entertainment.
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