1. Vol. 36, 11th February – 24th February 2012
Mediatainment Track
Fortnightly Update on Indian Media & Entertainment
Industry
In the Spotlight Content
2012: year of Indian Hockey
Our national game Hockey has for long been dominated by Content
cricket. But 2012 is going to be the year of Hockey getting its Private Equity 2
place due. The two major Indian Hockey bodies – Indian
Hockey Federation and Hockey India are getting an IPL like Mergers & Acquisitions 2
event each.
Indian Hockey Federation and Nimbus Sports have joined
Corporate Developments 3
hands to launch World Series Hockey (WSH) in India. Tyre
maker Bridgestone, which sponsors F1events, has come on News Update 3
board as the title sponsor. WSH will have 200 players - Indian
and international - playing 59 matches. The format would be Stock Market Update 5
multi-city franchise based with eight teams out of Mumbai,
Delhi, Chennai, Hyderabad, Bangalore, Chandigarh, Pune,
Bhopal, Punjab, Ranchi and Rourkela. All star players have
Financial Benchmarking 5
already signed up in an event that’s serving as a comeback
for Dhanraj Pillay and Viren Rasquinha. About Four-S 7
th
The inaugural match is on 29 of February and the final
st
match is on 1 of April. The prize money is ~$2mn.
Nimbus will spend Rs.400mn in marketing WSH on TV, Print,
Radio, Digital and On-ground events. Digital and Social media
campaign is handled by Red Digital while for print, WSH has
entered into a strategic alliance with Dainik Bhaskar.
Not to be left behind Hockey India has partnered
International Hockey Federation for an Indian Hockey League
later this year.
India is making the right moves to emerge as Hockey hub of
the world.
About Four-S Services
Four-S Services is India's leading provider of Research, Financial Consulting and Investment Banking services with offices in Gurgaon, Mumbai and
Bangalore. We have a proven track record of consistently delivering high quality solutions, enabling our clients to improve the effectiveness of decision
making and acting as a catalyst in achieving business success. We have executed more than 120 mandates across diverse range of industries including
Education, Financial Services, Infrastructure, M&E, IT-ITeS, Auto and Auto ancillaries, Retail, Real Estate and Textile etc
Our Services:
Strategy Consulting Research Support
Business Planning Valuation Services
Investment Banking Investor Relations & IPO Consulting
For further information, please contact Seema Shukla atseema@four-s.com or reach us as http://www.four-s.com

2. FOUR-S Mediatainment Track
Investment Activity
th
Private Equity deals in M&E and Mobile VAS till 24 February, 2012
Date Investors Target Stake % Amount $mn Business Stage
20-Feb Oja s Venture Pa rtners Bri zzTV Medi a La b NA NA Di gi ta l medi a Early
17-Feb Upda ta , Wes tBri dge & Intel Ca pi ta l Jul y Sys tems NA 15.0 mVAS Late
15-Feb Ci s co Sys tems Qyuki 17 5.5 Di gi ta l medi a Early
8-Feb Indi a n Angel Network Ga mi a na Di gi ta l Ga mi ng NA 1.0 Ga mi ng Early
31-Ja n Oja s Ventures Venturenet Pa rtners Pvt Ltd NA NA Di gi ta l Ra di o Early
27-Ja n NA InRev NA NA Soci a l medi a product Ea rl y
19-Jan CCube MyAdCorner.com NA NA Online ad booking Early
19-Ja n Sequoi a Ca pi ta l Knowl a ri ty Communi ca ti ons NA 6.6 mVAS - Cl oud Tel ephony Growth
2012 has seen 8 deals for more than $28.1mn till date.
th
Merger & Acquistions in M&E and Mobile VAS till 24 February, 2012
Date Acquiror Target Stake (%) Amount ($ mn) Business
10-Feb GigaOM NA
Guardian News & Media - PaidContent, other assets NA Content
3-Feb Persistent Systems Openwave Location Business 100.0 NA mVAS - Location services
2-Feb Walt Disney UTV Software NA 446* Broadcasting, Production
25-Jan Gujarat Telelinks V&S 51.0 0.2 Distribution - MSO
19-Jan Reliance Strategic Investments DEN Networks 1.1 NA Distribution - Cable
4-Ja n Wa y2Onl i ne 160by2 100.0 NA Onl i ne porta l - mes s a gi ng
3-Ja n Network 18 Group Eena du NA 395.0 Broa dca s ti ng
2-Ja n Undi s cl os ed buyer Ba l a ji Tel efi l ms - educa ti on/ mobi l e NA 1.6 Content/ Medi a educa ti on
*estimated value
2012 has seen 8 deals happening in the segment, worth more than $842mn.
Four-S Indian PE Directory 2012” – A Guide to choosing private equity partners
Detailed listing of ~330 Active PE/VC Investors in India - PE/VC players that have invested in the past 3 years.
A first-of-its-kind, the directory offers “Deal History” in India for individual investor.
Management, investment profile and Contact details.
User-friendly Spreadsheet Format.
It comes from Four-S Services, the most trusted deal information bank in India.
Research Desk
Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for
prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE
Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

3. FOUR-S Mediatainment Track
Corporate Developments
BrizzTV Media raises funding from Ojas India offers a huge potential as a mobile market with over
Brizz TV Media Lab has raised Series A funding from Ojas 850mn mobile subscribers. Digital advertising is growing
Venture Partners. The funding amount was undisclosed. faster at 40% than traditional advertising media (15-20%).
BrizzTV is a digital media technology company that uses The company expects the Rs. 1.25bn Indian mobile
DTH enabled TVs to deliver personal content. BrizzTV has marketing to reach Rs. 10bn by 2014.
partnered with Airtel Digital TV. The company was
incubated at NSRCEL (IIM Bangalore). Gamiana raises Series A funding
This is Ojas Venture’s second investment in less than a Gamiana has received an undisclosed amount of Series A
month. Both investments have been in digital media funding from Indian Angel Network. Chetan Sharma of IAN
space. will join on Gamian’s board. The company will use the
Connected TVs are a new trend globally. BrizzTV has an funds to increase their customer base and in software
advantage in emerging markets with low internet development.
penetration as it does not require internet to operate. It Gamiana is an online entertainment company using games
can run on simple DTH infrastructure. to build online communities. Its offerings include Jamia
Online, a virtual world game targeted at teens and
Qyuki gets $5.5mn from Cisco Vinashi, a real-time strategy game. Gamiana was founded
Qyuki has raised $5.5mn in funding from Cisco system in in 2008.
exchange for 17% stake, at a valuation of over $32mn. Gartner estimates global online gaming market to be over
Qyuki is a media firm based in Bangalore started by $11mn and will reach $28bn by 2015.
industry stalwarts AR Rahman and Shekhar Kapur. Qyuki
will be in digital content creation and distribution in new
media platforms of mobile and internet. The service is
expected to go live in May 2012. News Update
This is Shekhar Kapur’s second digital venture, first being
Liquid Comics that had recently launched a digital comic Mahindra Satyam in talks with ComVIVa
books platform – Graphic India. Mahindra Satyam is looking to acquire 20-30% in
ComVIVA in a deal that could be worth $100mn.
July Systems gets $15mn in funding ComVIVA is a Bharti Group owned mVAS player. It has
July Systems has received $15mn in funding in a round led more than 110 customers spread across 90 countries. It
by Updata Partners with Intel Capital and WestBridge provides Apps, Platforms, Financial Solutions and
Capital also participating. The company has raised over customer solutions for mobile.
$30mn in multiple rounds of funding so far. A sister company TechMahindra runs another mVAS
July Systems is in cross-platform mobile content company CanvasM jointly with Motorola.
applications space with brands like ESPN, Toys R Us, Intel,
Unilever, CBS, and the NBA as its customers. India in Oscars with Anil Ambani’s Dreamworks
In earlier rounds, July Systems had raised funding from Anil Ambani’s JV with Steven Speilberg, Dreamworks
Intel Capital, Sequoia Capital, Footprint Ventures, Studios had three films getting 11 Oscar Nominations this
Westbridge Capital and Acer Technology Ventures. year – The Help, War Horse and Real Steel.
Out of the 11 nominations, The Help fetched an Oscar for
Chinese mobile marketing firm enters India: WPP to pick Best Supporting Actress to Octavia Spencer.
stake Anil Ambani owns 51% in Dreamworks Studios having
Chinese mobile marketing and advertising firm Madhouse invested $325mn in it in 2009.
has started its Indian operations as Madhouse India. WPP
is a strategic partner in Madhouse India and will also pick 500mn high for Dabangg2
stake later. Rovio Entertainment, of Angry Birds game In another milestone for Bollywood, Salman Khan has hit a
fame, may also become a strategic investor in the firm. jackpot by selling statellite rights of Dabangg2 for Rs.
Chinese firm Madhouse has over 120 clients and has its 500mn to Star Network. This is much higher than Rs.
investors include TDF Capital, Nokia Growth partners and 400mn deal for Hrithik starrer Agneepath.
Gobi Partners. The music rights have also been sold to T-Series for over
Rs. 100mn.
DeskResearch
DeskResearch Desk research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well
leading provider of high-end
as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For further
information, please contact SeemaShukla at seema@four-s.com or reach us as http://www.four-s.comFour-S Services is India's leading provider of high-
end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations,
investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For further information, please contact

4. FOUR-S Mediatainment Track
Stock Market Update (Returns) Market Cap in .`mn
Stock MCap (Feb 24) Price (Feb 24) 15 days 1m 3m 6m 1 yr P/E (TTM)
Zee Entertai nment 1,22,234 131.5 2% 10% 10% 10% 14% 19.7
Sun TV Network 1,20,117 318.2 -7% 11% 18% 6% -16% 16.1
Di s h TV 57,905 57.5 -14% 1% -6% -26% 1% NA
UTV Softwa re 43,751 1068.0 1% 2% 13% 14% 123% NA
DB Corp 36,295 198.9 -1% 6% -1% -18% -17% 18.0
Ja gra n Pra ka s ha n 32,892 107.0 -1% 9% 4% 0% -2% 18.4
HT Medi a 32,680 144.3 1% 13% 24% -1% 1% 16.1
Ha thwa y ca bl e 21,286 156.6 -14% 19% 50% 84% 34% NA
Eros Interna tiona l 16,890 186.2 -14% -9% -13% -2% 32% 13.1
Den Networks 13,310 105.2 16% 34% 86% 154% 5% 97.8
TV 18 Broa dca s t 11,080 31.9 3% 5% -10% -28% -66% NA
ENIL 10,631 233.6 7% 16% 1% -5% 13% 18.9
Decca n Chroni cl e 8,977 45.2 -10% 9% 1% -20% -28% 111.8
Onmobi l e 8,444 73.2 -4% 0% 10% 20% -27% 8.0
Pri me Focus 7,131 54.8 -11% -3% 16% 0% 28% 7.9
Rel i a nce Medi a works 3,690 82.5 -3% 3% -2% -6% -41% NA
PVR 3,593 140.7 -1% -2% 11% 20% 28% 10.0
Ba l a ji Tel efi l ms 2,661 43.0 0% 16% 46% 50% 21% 29.8
Ni fty 5429.3 1% 6% 14% 11% 3%
Sens ex 17923.6 1% 5% 13% 10% 2%
Financial Benchmarking - Quarter 3, FY’12 Results
st
Quarter ending 31 December, 2011
Revenue EBITDA PAT
Company
Q3, FY'11 Q3, FY'12 y-o-y Q3, FY'11 Q3, FY'12 y-o-y Q3, FY'11 Q3, FY'12 y-o-y
Zee Entertai nment 8,249 7,548 -8% 2,241 2,160 -4% 1,600 1,393 -13%
Sun TV Network* 5,980 4,251 -29% 5,018 3,411 -32% 2,255 1,679 -26%
Di s h TV* 3,732 4,905 31% 667 1,202 80% -443 -430 NM
UTV Softwa re 2,559 1,654 -35% 534 -686 NM 400 -962 NM
DB Corp 3,482 3,956 14% 1,148 1,018 -11% 659 554 -16%
Ja gra n Pra ka s ha n* 2,860 3,240 13% 897 723 -19% 526 413 -22%
HT Medi a 4,651 5,266 13% 883 777 -12% 478 482 1%
Ha thwa y ca bl e* 1,199 1,277 6% 214 221 3% -124 -183 NM
Eros Interna tiona l 2,798 4,084 46% 619 1,010 63% 428 691 61%
Den Networks 2,644 2,782 5% 268 235 -12% 92 35 -62%
TV 18 Broa dca s t 2,362 3,428 45% 321 -341 NM 198 -535 NM
ENIL 1,458 768 -47% 308 257 -16% -52 184 NM
Decca n Chroni cl e* 1,996 2,316 16% 754 502 -33% 352 213 -39%
Rel i a nce Medi a 2,423 2,111 -13% 167 -454 NM -570 -1,511 NM
OnMobi l e Gl oba l 1,486 1,688 14% 336 391 16% 209 178 -15%
Pri me Focus 1,269 2,128 68% 369 613 66% 175 263 50%
PVR 1,336 1,390 4% 216 240 11% -48 90 NM
Balaji Telefilms* 395 346 -12% -4 -19 NM 12 11 -8%
* Standalone results Figures in Rs.`mn
Research Desk
Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for
prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE
Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

5. FOUR-S Mediatainment Track
st
Nine Months ending 31 December, 2011
Revenue EBITDA PAT
Company
9M, FY'11 9M, FY'12 y-o-y 9M, FY'11 9M, FY'12 y-o-y 9M, FY'11 9M, FY'12 y-o-y
Zee Entertai nment 22,134 21,715 -2% 5,997 5,796 -3% 4,402 4,290 -3%
Sun TV Network* 14,632 13,304 -9% 11,940 10,725 -10% 5,639 5,356 -5%
Di s h TV* 10,036 14,331 43% 1,487 3,542 138% -1,526 -1,098 NM
UTV Softwa re 7,041 6,118 -13% 1,479 -742 NM 1,214 -1,281 NM
DB Corp 9,479 11,032 16% 3,235 2,793 -14% 1,905 1,567 -18%
Ja gra n Pra ka s ha n* 8,327 9,341 12% 2,708 2,468 -9% 1,637 1,368 -16%
HT Medi a 13,116 15,143 15% 2,482 2,392 -4% 1,280 1,435 12%
Ha thwa y ca bl e* 3,484 3,787 9% 696 640 -8% -229 -434 NM
Eros Interna tiona l 5,927 7,370 24% 1,419 1,723 21% 1,041 1,151 11%
Den Networks 7,641 8,177 7% 892 658 -26% 297 98 -67%
TV 18 Broa dca s t 5,984 9,107 52% 391 -36 NM -43 -404 NM
ENIL 3,709 2,156 -42% 495 504 2% -31 360 NM
Decca n Chroni cl e* 6,681 6,592 -1% 3,412 1,724 -49% 2,090 546 -74%
Rel i a nce Medi a works 6,970 6,385 -8% 505 -1,051 NM -1,554 -3,918 NM
OnMobi l e Gl oba l 4,039 4,605 14% 899 986 10% 623 783 26%
Pri me Focus 4,262 5,828 37% 1,294 1,652 28% 659 783 19%
PVR 3,717 3,947 6% 708 727 3% 93 387 317%
Balaji Telefilms* 1,085 991 -9% -82 -64 NM -23 101 NM
* Standalone results Figures in Rs.`mn
TTM Dec-11 Results
Revenue EBITDA PAT
Company
TTM Dec10 TTM Dec11 y-o-y TTM Dec10 TTM Dec11 y-o-y TTM Dec10 TTM Dec11 y-o-y
Zee Entertai nment 28,627 29,695 4% 7,833 8,064 3% 5,607 6,196 11%
Sun TV Network* 18,551 17,909 -3% 15,249 14,364 -6% 7,290 7,440 2%
Di s h TV* 13,068 18,661 43% 1,835 4,443 142% -2,124 -1,469 NM
UTV Softwa re 8,347 8,546 2% 1,886 -442 NM 1,539 -1,120 NM
DB Corp 12,050 14,206 18% 3,931 3,589 -9% 2,212 2,022 -9%
Ja gra n Pra ka s ha n* 10,690 12,167 14% 3,340 2,910 -13% 2,001 1,789 -11%
HT Medi a 16,999 19,871 17% 3,402 3,268 -4% 1,808 2,025 12%
Ha thwa y ca bl e* 4,484 5,022 12% 908 807 -11% -322 -609 NM
Eros Interna tiona l 7,555 8,513 13% 1,721 1,856 8% 1,236 1,292 4%
Den Networks 10,104 10,998 9% 1,162 889 -24% 625 136 -78%
TV 18 Broa dca s t 7,672 11,165 46% 416 35 -91% -267 -680 NM
ENIL 4,911 3,083 -37% 776 814 5% 147 561 282%
Decca n Chroni cl e 8,598 9,673 13% 3,945 1,166 -70% 2,155 80 -96%
Rel i a nce Medi a 9,266 7,777 -16% 746 -1,692 NM -2,009 -5,624 NM
OnMobi l e Gl oba l 5,268 5,938 13% 1,118 1,293 16% 700 1,052 50%
Pri me Focus 5,143 6,596 28% 1,287 2,033 58% 788 903 15%
PVR 4,592 4,842 5% 818 912 12% 20 359 1679%
Balaji Telefilms* 1,532 1,436 -6% 16 -68 NM 11 89 688%
* Standalone results Figures in Rs.`mn
Research Desk
Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for
prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE
Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

6. FOUR-S Mediatainment Track
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Founded in 2002, Four-S has a strong & successful track record of genuine, accurate and
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7. FOUR-S Mediatainment Track
About Four-S Services
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