Hollywood executives Harry Sloan and Jeff Sagansky have acquired a 33.5% stake worth $303.7 million in Videocon, a leading pay TV service in India, as reported by Variety. The funds were raised in 2013 in an initial public offering through Sloan and Sagansky’s Silver Eagle Acquisition company.
India is a country not only with a growing population, but an ever budding middle class that is subscribing to pay TV. It is estimated that there will be 33 million new subscribers in the next four years. Videocon already has 11.8 million subscribers, which represents 16.5% market share. The country is also undergoing a large scale digitization plan undertaken by the government.
The move into Indian pay TV was preceded by Global Eagle acquiring two in-flight entertainment providers, one American, one German for a total cost of $430 million. Sloan came to Global Eagle after leaving MGM as chairman when the company finished its post-bankruptcy restructuring. Harry Sloan grew up in a working class Jewish family in Torrance California. His mother helped found the first Jewish temple in the South Bay.