NBC Universal Media, Comcast Corporation's subsidiary, received approval from the Competition Commission of India (CCI) on Wednesday to invest in Bodhi Tree Systems.
Comcast Corporation, the world's second-largest broadcasting and cable television company, has forayed into the Indian media and entertainment sector by making an initial investment of ₹1,600 crore ($200 million) in Bodhi Tree Systems (BTS), a venture promoted by James Murdoch's Lupa Systems and former Star India chairman Uday Shankar.
NBC Universal Media, a wholly-owned subsidiary of Comcast Corporation, received approval from the Competition Commission of India (CCI) on Wednesday to invest in BTS.
The proposed combination pertains to acquisition by NBC Universal of certain shareholding of BTS Investment and BTS VCC. BTS will use a part of the funding to invest in Viacom18 Media.
On Thursday, Viacom18 said it has completed its merger with Reliance Storage. It further said that it has also integrated JioCinema with itself, providing it access to Rs 15,145 crore.
NBC Universal is a multinational media and entertainment company incorporated in the United States of America. It is a wholly-owned subsidiary of Comcast Corporation, which is also incorporated in the United States of America and is listed on the NASDAQ. NBC Universal is engaged in the development, production and marketing of entertainment, news and information to global audiences. NBC Universal owns and operates (i) news and entertainment television networks, (ii) a motion picture company, (iii) television production operations, (iv) television stations group, (v) theme parks, and (vi) ad-supported streaming services, across the globe.
BTS Investment is a private company incorporated under the laws of Singapore. It is currently in the process of raising capital from various investors, including sovereign funds, multinational companies, and global institutional investors, in order to generate funding for its investments. Asia Initiatives Pte. Ltd. (Asia Initiatives) holds 100% of the ordinary equity shares of BTS Investment. Asia Initiatives is jointly held by Lupa Systems LLC (Lupa Systems) and Uday Shankar.
BTS VCC has been incorporated as a non-umbrella Singapore Variable Capital Company under the laws of Singapore, with the purpose of raising capital from various investors for investing in media and entertainment, education, consumer health and other consumer related sectors in the Indian Ocean region, with a particular emphasis on India. Asia Initiatives holds 100% of the management shares of BTS VCC.