India’s Valuable group, which is a privately held media house, has bought MovieBeam, a Hollywood based media firm. The Hollywood’s MovieBeam offers video-on-demand services to customers. Using the wireless technology aided through a set-top-box, the MovieBeam Company airs films into their customer’s homes. Officials of the Valuable group have remarked that this is the very first acquisition of a Hollywood media company by an Indian firm.

The Hollywood media firm MovieBeam happens to be a joint endeavor of Disney, Intel and Cisco. It was started in 2005 and more than $200 million was invested into it. The Valuable Group says that through this acquisition, it can now directly telecast movies even on the day of their release for a hefty fee. However, it refused to quote how much investment was made in this acquisition due to the involvement of privately held entities.   

A number of media and entertainment initiatives are spearheaded by the Valuable group. It also owns and operates the biggest satellite-based digital cinema network in the world, the UFO Movies. There were strong talks doing the rounds recently that a big corporate house having presence in spheres like finance, power, telecommunications and media had approached the Valuable group for acquisition. But this offer, however, was rejected by Sanjay Gaikwad, the technocrat-turned-entrepreneur who heads Valuable group.