US billionaire invests in Indonesian media
Monday 17 Oct 2011
Saban Capital Group, a Los Angeles-based investment firm, is buying 5 percent of Indonesia’s Media Nusantara Citra (MNC) for US$78.2 million, the Jakarta Globe reports.
The investment firm, which specialises in media, entertainment and communications, can also purchase an additional 2.5 percent in MNC, which is controlled by Global Mediacom, the country’s largest media company.
MNC is an integrated media company in Indonesia that runs three national free-to-air television networks – RCTI, MNC TV and Global TV – with nearly 40 percent audience share, according to Nielsen research.
It also owns a newspaper, a magazine, radio networks, online media, an advertising agency and a talent management company.
On a subscription basis, Global Mediacom owns MNC Sky Vision, one of the country’s largest pay-TV operators, through the brand services Indovision and Top TV.
“We are strong believers in the growth prospects of the Indonesian economy, its positive consumer demographic trends and the growth of its media and content industries,” Haim Saban, the chairman and chief executive of Saban Capital, said in a statement.
The two sides are expected to complete the transaction by the middle of November.