MUMBAI: Optical disc major Moser Baer will be hiving off its entertainment business into a new company.
The entertainment division is headed by Harish Dayani as CEO. As per the company, Moser Baer Entertainment is valued at Rs 2.5 billion (Rs 250 crores). The company’s revolutionary entry into the entertainment space came in December 2006 with the launch of DVDs and VCDs priced at Rs 34 and Rs 28.
Moser Baer has sought shareholder approval for sale of the entertainment unit, which is being separated on a slump-sale basis.
The company has decided to hive off its entertainment business so as to unlock its value by spinning it as an independent company and to enhance the focus specifically on the M&E business.
Apart from having a stranglehold on the home video market, Moser Baer Entertainment has also entered into film production (Hindi and regional).
Additionally, as has been reported by Businessofcinema.com, Moser Baer Entertainment recently also forayed into theatrical distribution by acquiring Maan Gaye Mughal-E-Azam from Venus Records & Tapes.