Common Music Group is investing $80 million for a stake in one among India’s largest Bollywood manufacturing firms, Excel Leisure Pvt.
Common Music India, a division of Common Music Group, will purchase a 30% fairness curiosity within the Mumbai-based film studio. Within the deal, introduced Monday, the businesses will work collectively on forthcoming movies, collection, music and rising codecs.
Whereas getting concerned in India’s native movie business, Common Music will even now obtain international distribution rights for all future unique soundtracks hooked up to tasks produced or owned by Excel. There are additionally future plans for the businesses to launch an Excel-linked music label that may enable UMG and Common Music India artists to seem in numerous Excel titles.
The funding underscores the fast progress within the Indian leisure business.
India is the Fifteenth-largest recorded-music market globally.
Based by producers Ritesh Sidhwani and Farhan Akhtar in 1999, Excel is chargeable for making over 40 completely different movies and scripted exhibits. Its hottest titles embrace “Dil Chahta Hai,” “Don,” and “Talaash.” The corporate is at present valued at roughly $290 million.
“India’s leisure panorama continues to develop from energy to energy, and that is the proper second to construct significant international collaborations,” mentioned Sidhwani and Akhtar in a joint assertion. “Collectively, we purpose to take culturally rooted tales to the world.”
Common Music Group, with its company headquarters within the Netherlands and one other workplace in Santa Monica, was based in 1996. The music large behind artists like Taylor Swift and Billie Eilish is valued at roughly $48 billion on the U.S. inventory market, with shares promoting round $25.80.
