MUMBAI: UFO Moviez’ founder and executive director Sanjay Gaikwad has acquired Movie Beam including all of its assets, trademarks, IPR, and alliances that Walt Disney, Intel, Cisco and other private equity investors spent over $200 million in creating.
Gaikwad’s company Valuable Group has made this acquisition. The company has earmarked an investment of $100 million over the next two years for the re-launch of this service in North America, UK and other overseas markets.
Movie Beam was a push video on demand (PVOD) service launched by Disney in 2005 wherein movies were beamed wirelessly into customers’ homes to a set-top box.
Disney spun-off Movie Beam in January 2006 and in March 2007 Movie Gallery, Inc. acquired Movie Beam. The Valuable group acquired Movie Beam through Dar Capital Ltd, which handled the complete acquisition process on its behalf.
The Valuable Group also runs the UFO Moviez’ satellite based digital cinema network in India.
The company 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 over the next two years for the re-launch of this service in North America, UK and other overseas markets," said Gaikwad.
Valuable Group executive director and MovieBeam CEO Ameya Hete, who is spearheading this initiative, said, "This service will completely redefine the on-demand entertainment market. We have added some cutting edge features to the Movie Beam 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."