Four s fortnightly mediatainment track 16th march - 30th march 2012

Vol. 38, 16th March – 30th March 2012

Mediatainment Track
Fortnightly Update on Indian Media & Entertainment
Industry
In the Spotlight Content
Q1, 2012 surpasses Q1, 2011 in both volume and value
Content
2012 begins on a good note for ME with PE disclosed deal Private Equity 2
value crossing the $100mn mark in the first quarter itself.
PE Deal Value $mn Mergers & Acquisitions 2
105 100.1
100
Corporate Developments 3
95 91.6
90 News Update 4
85
Q1, CY2011 Q1, CY2012 Stock Market Update 5
2012 has seen 10 deals so far, with an average disclosed deal
value of $20mn. This is higher than 7 deals done in first Financial Benchmarking 5
quarter of 2011 with an average deal value of $18.3mn. The
biggest deal value was $72mn in 2012, higher compared to About Four-S 7
$48mn raised by YBrant Digital in Q1, 2011.

The biggest deal this quarter was $72mn invested in cable
operator Hathway Cable by Providence Equity and Macquaire
Bank. The deal valued the company at $416mn or at EV/Sales
of 2.7x and EV/EBITDA of 21x on its FY11 consolidated
numbers.

In M&A, 2012, has surpassed an estimated total deal value of
$845mn across 14 deals. This consists of two mega deals –
Walt Disney – UTV for ~$430mn and Network 18’s Eenadu
buy of $395mn. In Q1, 2011 ME witnessed over $7.7mn
raised over 8 deals.

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FOUR-S Mediatainment Track
Investment Activity
th
Private Equity deals in M&E and Mobile VAS till 30 March, 2012

Date Investors Target Stake % Amount $mn Business Stage
27-Ma r Ni rva na Ventures Advi s ors Ga mes 2wi n 10.0 NA Ga mi ng Late
13-Ma r Provi dence Equi ty, Ma cqua ri e Ba nk Ha thwa y Ca bl e 17.3 72.0 Ca bl e opera tor Late
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 17.0 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 10 deals for more than $100.1mn till date.

th
Merger & Acquistions in M&E and Mobile VAS till 30 March, 2012
Date Acquiror Target Stake (%) Amount ($ mn) Business
30-Mar Gujarat Fluorochemicals/ Inox Fame India 18.7 18.2 Exhibition
30-Mar Affle, D2 Communications MobiMasta NA NA mVAS - Advertising
21-Mar Gruner + Jahr NetworkPlay 70.0 NA Digital Ad Network
15-Mar Ver Se Innovation Eterno Infotech NA NA Mobile Media platform
13-Mar Pubmatic MobiPrimo 100.0 NA mVAS
29-Feb Komli Media AdMax Network NA NA Ad Network
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 430* 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 portal - mes s a gi ng
3-Ja n Network 18 Group Eena du NA 395.0 Broa dca s ting
2-Ja n Undi s cl os ed buyer Ba l a ji Tel efi l ms - educa tion/ mobi l e NA 1.6 Content/ Medi a educa tion

*estimated value

2012 has seen 14 acquisitions happening in the segment, worth more than $845mn.

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
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Corporate Developments

Inox/ Gujarat Fluorochemicals win Fame takeover Based in Mumbai and Bangalore, it functions as an
Gujarat Fluorochemicals and its subsidiary Inox Leisure independent, full-service mobile advertising and
have used the Rights issue of Fame India and open market marketing agency.
transactions to up their combined stake to 72% at an According to Gartner, mobile advertising in India was $25-
investment of $18.2mn. The deal values the company at 30 mn in 2011 and is expected to reach $200 mn by 2015.
~$100mn or at a ttm multiple of EV/Sales of 3.4x or
EV/EBITDA of 33.7x. Gruner + Jahr acquires 70% in NetworkPlay
The rival contender, Reliance ADAG, that has been a bitter Gruner+ Jahr, the publishing business of European media
contender for the exhibition chain, did not participate in house Bertelsmann AG, has acquired 70% in Networkplay
the rights issue. Their stake has now diluted from 35% to Media Ltd for an undisclosed amount. The deal marks an
~22.25% in Fame India. exit for existing investors Capital 18 and Goosefish Media
The deal was important strategically for both parties. Ventures. BMR Advisors was the exclusive advisor to
Reliance’s BIG Cinemas with 400 screens is the largest Capital 18 and WebChutney on the deal.
cinema house in India. Inox’s Fame acquisition will Networkplay is a leading Indian digital ad network with
possibly make it bigger than PVR (166 screens). According presence on Web, mobile and DTH platforms with 4bn
to FICCI-KPMG report, multiplexes in India, though only impressions per month across 500 publishers and 300
15% of total screens account for one-third of Box Office advertisers. It is into publishing with iMedia
collections. 2011 saw PVR, INOX and Cinemax add ~70 Communications. It also does events – hosts ad:tech,
screens in India. The number of multiplex screens are Imedia Brand and Agency summits in India through its JV
expected to double to 2200 by 2016. with DMG events. The 30 employee company is present in
Fame India’s stock gained 54% in last one month to close Mumbai, Delhi and Bangalore.
at Rs. 67.85 on Friday. Gruner + Jahr has made its second strategic investment in
India with Networkplay. Its first investment was 78.75%
Nirvana Ventures buys 10% of Games2Win stake buy in Maxposure media group, an upscale
Nirvana Ventures Advisors has bought 10% stake in magazine publishing company. With this deal, G+J has
Games2win for an undisclosed amount. The deal was also strengthened its digital presence in the country.
a partial exit for existing investors Nexus India Pvt Ltd and
ICICI Venture. PubMatic also does second acquisition: MobiPrimo
Games2win is a leading mobile and online casual gaming PubMatic, online ad firm, has acquired MobiPrimo for an
site with games in 23 languages visited by consumers undisclosed sum. The deal will allow PubMatic’s mobile
across 200 countries. It is one of the top gaming platform to integrate directly with the mobile networks,
companies on the iTunes App Store as well as the Android ad servers and demand-side platforms (DSPs).
Market with over 30 apps. Its mobile apps recently Pune based MobiPrimo was founded in 2010. It specializes
crossed the 10mn downloads mark. It is led by Alok in bringing mobile platform integration to companies such
Kejriwal, CEO and co-Founder. Other investors in the firm as Nokia, Motorola and Microsoft.
include Clearstone Venture Partners and SVB Holdings. Founded in 2006, PubMatic’s platform combines real-time
Nirvana Venture Advisors invests in early-stage and bidding (RTB), brand protection tools, audience insights
market leading companies in internet and mobile and hands-on support. Its investors are Draper Fisher
segments. Its other investment includes yourNextLeap, Jurvetson, Nexus Venture Partners and Helion Ventures. It
campus based social network developer. Patni Family are plans an IPO soon. Pubmatic had earlier acquired ReviNet ,
the anchor investors in the fund. a US based ad optimization firm, last year.
Global Online gaming market is estimated to be around
$30bn in 2012 by KPMG. Newscorp exits 11yr old investment in Hathway
Newscorp has made an exit from Hathway Cable Networks
MobiMasta acquired by AD2C for $72mn. It had made an investment in Sep 2000 of Rs.
MobiMasta, a mobile marketing firm has been acquired by 3,427.2mn in Hathway through Asian Cable Systems pvt
Affle and D2 Communications for an undisclosed amount. ltd. It has now sold to Providence Equity Partners (9.9%)
MobiMasta was founded in 2009 and is based in Gurgaon. and Macquarie Bank(7.4%) at an absolute return of only
AD2C is a JV from Affle, mobile messaging and advertising 4.4% in 11 years. Taking inflation into account, this is an
company headquartered in Singapore and D2 exit at a loss. The transcation price of Rs. 145 per share
Communications Inc, Japan based mobile advertising firm. was a discount of ~18% to the day’s closing price.
Research Desk


The deal values the company at $416mn or at EV/Sales of Aurality Technologies is a Mumbai based Mobile
2.7x and EV/EBITDA of 21x on its FY11 consolidated applications development company started in 2011. It has
numbers. Hathway had a consolidated turnover of Rs. a mobile app called Aurality that convests speech into
8,826mn in FY11 with an EBITDA of Rs.1104mn and a loss text. The funding will be used to scale up operations.
of Rs. 236mn.
Newscorp has presence in Indian DTH and Cable
distrbution plays. Through its local arm, Star India, it holds News Update
30% stake in DTH leader Tata Sky. It also has a 50:50 JV
with another cable operator – Den Networks called Star Indian Music industry gets 104 music sites blocked
Den. Star DEN has entered into a 50:50 JV with Zee Turner In a big move against piracy, Indian Music Industry (IMI)
names Media Pro Enterprises to distribute entire boquet has got orders from Calcutta High Court directing all
of channels in India. This exit, hence looks like an exit from Internet Service Providers to block 104 music sites. The
non-core assets. legal sites like Saregama, Gaana, nokia Music, Flipkart and
Hathway Cable is one of the largest MSO & Cable more will gain from the move.
Broadband service providers in India. It offers cable across While media companies like Reliance BIG Entertainment
140 cities and broadband acorss 21 cities in India with a and T-Series had been getting small wins, but this marks a
~52% market share in cable broadband. It is promoted by move against digital piracy on an industry level.
Raheja Group. Hathway did an IPO in Feb 2010 and raised Digital music contributed 58% to the Rs. 9 bn music
Rs. 4.8bn. Industry in 2011 compared to only 19% in 2007. Digital
Previous investors included Chrys Capital and Morgan music sales overtook physical music sales in 2010 itself.
Stanley Principal Investments. Chrys Capital had acquired Share of Physical music has declined to 29% in 2011.
13.26% stake in Hathway in Apr 2007 for Rs. 2.64bn. It has
successfully exited in two rounds, once during IPO and IRS Q4 2011: Media grows 0.9% QoQ, led by TV, C&S and
later in 2010, getting a total of Rs. 3.33bn back, or an Internet
absolute return of 26% on its investment. The latest Indian Readership Survey results are out. Media
Other existing investors include Kaup Capital and consumption grew 0.9% on a quarterly basis led by TV
Norway’s Government Pension Fund Global. (1.9%), C&S (3.2%) and Internet (11.4%). Radio and
Providence Equity Partners has made its second Indian Cinema witnessed a decline of over 1% each. Press was
media investment with Hathway, the first being $60mn stable with 0.1% growth.
investment in UFO Moviez. It has invested in over 130 In Top 10 English Dailies, there was no change in rank,
companies globally since 1989, with focus on media, with TOI the undisputed leader with Average Issue
communications and education. Readership (AIR) of 7.6mn. HT remained a strong #2, with
AIR of 3.8mn. Among top10, seven dailies grew their AIR,
mVAS: Ver Se acquires Eterno Infotech with maximum spurt seen by New Indian Express (7.4%).
Ver Se Innovation has acquired Eterno Infotech for an Deccan Chronicle declined the maximum at -5.5%.
th
undisclosed amount. The deal also marks the exit of Rediff In Top 10 Hindi Dailies, Patrika grew 25% to reach 9 rank,
from Eterno. Rediff had invested in the company in 2008. there was no change in top 5. Dainik jagran was the
The terms were not disclosed. undisputed leader with AIR of 16.4mn, followed by Dainik
Eterno Infotech owns the popular mobile app NewsHunt Bhaskar at 14.6mn. Both saw decline in AIR this quarter.
that has over 10mn downloads till date. NewsHunt In Language Dailies, Malayala Manorama was the leader
aggregates newspapers in 10 languages over mobile. with AIR of 9.9mn. Daily Thanthi was upsurped from
Eterno’s app also has pre-embedded partnership with Number 2 position by Lokmat, that grew 1.7% QoQ to
Nokia and MicroMax. reach AIR of 7.5mn.
Ver Se has entered the mobile web space with this In Hindi Magazines, Pratiyogita Darpan was the leader
transaction. The OnMobile incubated company provides with AIR of 2mn. New entrant Samanya Gyan Darpan, shot
mobile oriented utility services across jobs, education, to number 3 position with AIR of 1.7mn. In English
property and auto to over 390mn subscribers. magazines, India Today remained the leader with AIR of
1.6mn.
mVAS: Aurality raises Seed Funding
Aurality Technologies has raised a Seed Funding of $300k
from a group of Angel investors including Google India’s
Rajan Anandan, Vikas Taneja, Sunil Kalra of Indian Angel
Network and Blume Ventures.
Research Desk


Stock Market Update YoY.
growth of 30% (Returns)

Market Cap in .`mn
Stock MCap (Mar 30) Price (Mar 30) 15 days 1m 3m 6m 1 yr P/E (TTM)

Zee Entertai nment 1,21,336 126.6 1% 0% 7% 8% 2% 19.6
Sun TV Network 1,23,388 313.1 -1% 1% 14% 35% -28% 16.6
Di s h TV 67,963 63.9 17% 17% 9% -17% -4% NM
DB Corp 40,227 219.5 3% 7% 17% 8% -12% 19.9
HT Medi a 31,928 138.4 3% -4% 9% -7% -6% 15.8
Ja gra n Pra ka s ha n 31,817 100.6 0% -6% 5% -9% -20% 17.8
Ha thwa y ca bl e 23,529 164.7 2% -1% 50% 89% 72% NM
Eros Interna tiona l 16,618 181.2 -8% -2% -11% -25% 34% 12.9
Den Networks 13,701 105.0 6% 0% 118% 50% 25% 100.7
TV 18 Broa dca s t 10,012 27.7 6% -9% 3% -34% -70% NM
ENIL 10,249 217.5 5% -8% -2% -17% -11% 18.3
Decca n Chroni cl e 7,394 34.6 -12% -21% -5% -37% -57% 92.1
Onmobi l e 6,927 60.1 -4% -16% -5% 0% -51% 6.6
Pri me Focus 5,971 43.0 -9% -20% -7% -23% -17% 6.6
Rel i a nce Broa dca s t 4,239 53.4 -3% 1% 6% -23% -28% NM
Rel i a nce Medi a works 3,542 76.8 -9% -7% 13% -16% -49% NM
PVR 3,856 148.3 7% 4% 15% 22% 44% 10.7
Ba l a ji Tel efi l ms 2,788 42.0 -5% 0% 27% 36% 28% 31.3
Ni fty 5296 0% -2% 15% 7% -9%
Sens ex 17404 0% -2% 13% 6% -10%

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

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as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For further
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information, please contact
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

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

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%


Research Desk


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Four s fortnightly mediatainment track 16th march - 30th march 2012

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Four s fortnightly mediatainment track 16th march - 30th march 2012