Valuable group acquires Disney founded MovieBeamJuly 10th, 2008 - 7:35 pm ICT by ANI
New Delhi, July 10 (ANI/Business Wire India): Sanjay Gaikwad led Valuable Group (http://www.valuablegroup.com) today announced the acquisition of Movie Beam including all of its assets, trademarks, IPR, and alliances that Disney, Intel, Cisco and other private equity investors spent over 200 million dollars in creating. MovieBeam was a Push Video on Demand service launched by Disney in 2005 wherein movies were beamed wirelessly into customers” homes to a set-top box.
Disney spun-off MovieBeam in January 2006 and in March 2007 Movie Gallery, Inc. acquired MovieBeam.
The Valuable group acquired MovieBeam through Dar Capital Limited which handled the complete acquisition process on behalf of Valuable Group.
The Valuable group, known for its trailblazing success in rapidly building and operating numerous media and entertainment initiatives also pioneered and runs the largest satellite based digital cinema network in the world (UFO Moviez).
UFO has been acclaimed by the film fraternity and has won several accolades and awards internationally including:
– IIFA award for Technology Innovation in Indian Cinema at Yorkshire 2007.
– Technopreneur of the year award at Global Entrepolis @ Singapore - a joint award by the Asian Wall Street Journal and the Government of Singapore.
– Nominated for the E & Y entrepreneur of the year award.
With multiple offices worldwide, Valuable has expanded its presence to include Los Angeles and a state-of-the art development facility in Seattle through this acquisition.
This acquisition was a strategic fit in our global expansion strategy for our Media and Entertainment vertical. Through this acquisition Valuable will further establish itself as a leader in the media and entertainment space allowing us to deliver ethnic and Hollywood content to homes and the hospitality industry worldwide. Films will be delivered in High Definition and viewers will get access to library films as well as the latest releases on a first day first show basis. We have earmarked an investment of 100 million dollars over the next two years for the re-launch of this service in North America, UK and other overseas markets, said Sanjay Gaikwad.
Ameya Hete, Executive Director, Valuable Group and CEO MovieBeam, who is spearheading this initiative, commented on the rollout plans stating, This service will completely redefine the on-demand entertainment market. We have added some cutting edge features to the MovieBeam service that will bring additional and currently unrealized revenues back to the Entertainment industry and the deserving constituents. We will be rolling out the service by the end of 2008 in 3 markets. (ANI)
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