Vol.

38, 16th March 30th March 2012

Mediatainment Track
Fortnightly Update on Indian Media & Entertainment Industry

In the Spotlight
Q1, 2012 surpasses Q1, 2011 in both volume and value 2012 begins on a good note for ME with PE disclosed deal value crossing the $100mn mark in the first quarter itself.
PE Deal Value $mn
105 100 95 90 85 100.1 91.6

Content
Private Equity Mergers & Acquisitions Corporate Developments News Update

Content

2 2 3 4 5 5 7

Q1, CY2011

Q1, CY2012

Stock Market Update Financial Benchmarking About Four-S

2012 has seen 10 deals so far, with an average disclosed deal value of $20mn. This is higher than 7 deals done in first quarter of 2011 with an average deal value of $18.3mn. The biggest deal value was $72mn in 2012, higher compared to $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 18s Eenadu buy of $395mn. In Q1, 2011 ME witnessed over $7.7mn raised over 8 deals.

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 Business Planning Investment Banking Research Support Valuation Services Investor Relations & IPO Consulting

For further information, please contact Seema Shukla atseema@four-s.com or reach us as http://www.four-s.com

FOUR-S Mediatainment Track

Investment Activity
Private Equity deals in M&E and Mobile VAS till 30 March, 2012
Date Investors 27-Ma r 13-Ma r 20-Feb 17-Feb 15-Feb 8-Feb 31-Ja n 27-Ja n Ni rva na Ventures Advi s ors Provi dence Equi ty, Ma cqua ri e Ba nk Oja s Venture Pa rtners Upda ta , Wes tBri dge & Intel Ca pi ta l Ci s co Sys tems Indi a n Angel Network Oja s Ventures NA Target Ga mes 2wi n Ha thwa y Ca bl e Bri zzTV Medi a La b Jul y Sys tems Qyuki Ga mi a na Di gi ta l Ga mi ng Venturenet Pa rtners Pvt Ltd InRev Stake % 10.0 17.3 NA NA 17.0 NA NA NA NA NA Amount $mn Business NA 72.0 NA 15.0 5.5 1.0 NA NA NA 6.6 Ga mi ng Ca bl e opera tor Di gi ta l medi a mVAS Di gi ta l medi a Ga mi ng Di gi ta l Ra di o Soci a l medi a product Stage
th

Late Late Early Late Early Early Early

Ea rl y

19-Jan CCube
19-Ja n Sequoi a Ca pi ta l

MyAdCorner.com
Knowl a ri ty Communi ca ti ons

Online ad booking

Early

mVAS - Cl oud Tel ephony Growth

2012 has seen 10 deals for more than $100.1mn till date.

Merger & Acquistions in M&E and Mobile VAS till 30 March, 2012
Date Acquiror 30-Mar Affle, D2 Communications 21-Mar Gruner + Jahr 15-Mar Ver Se Innovation 13-Mar Pubmatic 29-Feb Komli Media 10-Feb GigaOM 3-Feb Persistent Systems 2-Feb Walt Disney 25-Jan Gujarat Telelinks
4-Ja n Wa y2Onl i ne 3-Ja n Network 18 Group 2-Ja n Undi s cl os ed buyer

th

Target MobiMasta NetworkPlay Eterno Infotech MobiPrimo AdMax Network Openwave Location Business UTV Software V&S
160by2 Eena du Ba l a ji Tel efi l ms - educa tion/ mobi l e

Stake (%) Amount ($ mn) Business

18.7

30-Mar Gujarat Fluorochemicals/ Inox Fame India

18.2 NA NA NA NA NA NA
NA 430* 0.2 NA NA 395.0 1.6

Exhibition mVAS - Advertising Digital Ad Network Mobile Media platform mVAS Ad Network Content mVAS - Location services Broadcasting, Production Distribution - MSO Distribution - Cable
Onl i ne portal - mes s a gi ng Broa dca s ting Content/ Medi a educa tion

NA
70.0

NA
100.0

NA
100.0 NA 51.0 1.1 100.0 NA NA

NA Guardian News & Media - PaidContent, other assets

19-Jan Reliance Strategic Investments DEN Networks

*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
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 Indias 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

FOUR-S Mediatainment Track

Corporate Developments
Inox/ Gujarat Fluorochemicals win Fame takeover Gujarat Fluorochemicals and its subsidiary Inox Leisure have used the Rights issue of Fame India and open market transactions to up their combined stake to 72% at an investment of $18.2mn. The deal values the company at ~$100mn or at a ttm multiple of EV/Sales of 3.4x or EV/EBITDA of 33.7x. The rival contender, Reliance ADAG, that has been a bitter contender for the exhibition chain, did not participate in the rights issue. Their stake has now diluted from 35% to ~22.25% in Fame India. The deal was important strategically for both parties. Reliances BIG Cinemas with 400 screens is the largest cinema house in India. Inoxs Fame acquisition will possibly make it bigger than PVR (166 screens). According to FICCI-KPMG report, multiplexes in India, though only 15% of total screens account for one-third of Box Office collections. 2011 saw PVR, INOX and Cinemax add ~70 screens in India. The number of multiplex screens are expected to double to 2200 by 2016. Fame Indias stock gained 54% in last one month to close at Rs. 67.85 on Friday. Nirvana Ventures buys 10% of Games2Win Nirvana Ventures Advisors has bought 10% stake in Games2win for an undisclosed amount. The deal was also a partial exit for existing investors Nexus India Pvt Ltd and ICICI Venture. Games2win is a leading mobile and online casual gaming site with games in 23 languages visited by consumers across 200 countries. It is one of the top gaming companies on the iTunes App Store as well as the Android Market with over 30 apps. Its mobile apps recently crossed the 10mn downloads mark. It is led by Alok Kejriwal, CEO and co-Founder. Other investors in the firm include Clearstone Venture Partners and SVB Holdings. Nirvana Venture Advisors invests in early-stage and market leading companies in internet and mobile segments. Its other investment includes yourNextLeap, campus based social network developer. Patni Family are the anchor investors in the fund. Global Online gaming market is estimated to be around $30bn in 2012 by KPMG. MobiMasta acquired by AD2C MobiMasta, a mobile marketing firm has been acquired by Affle and D2 Communications for an undisclosed amount. MobiMasta was founded in 2009 and is based in Gurgaon. AD2C is a JV from Affle, mobile messaging and advertising company headquartered in Singapore and D2 Communications Inc, Japan based mobile advertising firm. Based in Mumbai and Bangalore, it functions as an independent, full-service mobile advertising and marketing agency. According to Gartner, mobile advertising in India was $2530 mn in 2011 and is expected to reach $200 mn by 2015. Gruner + Jahr acquires 70% in NetworkPlay Gruner+ Jahr, the publishing business of European media house Bertelsmann AG, has acquired 70% in Networkplay Media Ltd for an undisclosed amount. The deal marks an exit for existing investors Capital 18 and Goosefish Media Ventures. BMR Advisors was the exclusive advisor to Capital 18 and WebChutney on the deal. Networkplay is a leading Indian digital ad network with presence on Web, mobile and DTH platforms with 4bn impressions per month across 500 publishers and 300 advertisers. It is into publishing with iMedia Communications. It also does events hosts ad:tech, Imedia Brand and Agency summits in India through its JV with DMG events. The 30 employee company is present in Mumbai, Delhi and Bangalore. Gruner + Jahr has made its second strategic investment in India with Networkplay. Its first investment was 78.75% stake buy in Maxposure media group, an upscale magazine publishing company. With this deal, G+J has strengthened its digital presence in the country. PubMatic also does second acquisition: MobiPrimo PubMatic, online ad firm, has acquired MobiPrimo for an undisclosed sum. The deal will allow PubMatics mobile platform to integrate directly with the mobile networks, ad servers and demand-side platforms (DSPs). Pune based MobiPrimo was founded in 2010. It specializes in bringing mobile platform integration to companies such as Nokia, Motorola and Microsoft. Founded in 2006, PubMatics platform combines real-time bidding (RTB), brand protection tools, audience insights and hands-on support. Its investors are Draper Fisher Jurvetson, Nexus Venture Partners and Helion Ventures. It plans an IPO soon. Pubmatic had earlier acquired ReviNet , a US based ad optimization firm, last year. Newscorp exits 11yr old investment in Hathway Newscorp has made an exit from Hathway Cable Networks for $72mn. It had made an investment in Sep 2000 of Rs. 3,427.2mn in Hathway through Asian Cable Systems pvt ltd. It has now sold to Providence Equity Partners (9.9%) and Macquarie Bank(7.4%) at an absolute return of only 4.4% in 11 years. Taking inflation into account, this is an exit at a loss. The transcation price of Rs. 145 per share was a discount of ~18% to the days closing price.

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 Indias 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

FOUR-S Mediatainment Track

The deal values the company at $416mn or at EV/Sales of 2.7x and EV/EBITDA of 21x on its FY11 consolidated numbers. Hathway had a consolidated turnover of Rs. 8,826mn in FY11 with an EBITDA of Rs.1104mn and a loss of Rs. 236mn. Newscorp has presence in Indian DTH and Cable distrbution plays. Through its local arm, Star India, it holds 30% stake in DTH leader Tata Sky. It also has a 50:50 JV with another cable operator Den Networks called Star Den. Star DEN has entered into a 50:50 JV with Zee Turner names Media Pro Enterprises to distribute entire boquet of channels in India. This exit, hence looks like an exit from non-core assets. Hathway Cable is one of the largest MSO & Cable Broadband service providers in India. It offers cable across 140 cities and broadband acorss 21 cities in India with a ~52% market share in cable broadband. It is promoted by Raheja Group. Hathway did an IPO in Feb 2010 and raised Rs. 4.8bn. Previous investors included Chrys Capital and Morgan Stanley Principal Investments. Chrys Capital had acquired 13.26% stake in Hathway in Apr 2007 for Rs. 2.64bn. It has successfully exited in two rounds, once during IPO and later in 2010, getting a total of Rs. 3.33bn back, or an absolute return of 26% on its investment. Other existing investors include Kaup Capital and Norways Government Pension Fund Global. Providence Equity Partners has made its second Indian media investment with Hathway, the first being $60mn investment in UFO Moviez. It has invested in over 130 companies globally since 1989, with focus on media, communications and education. mVAS: Ver Se acquires Eterno Infotech Ver Se Innovation has acquired Eterno Infotech for an undisclosed amount. The deal also marks the exit of Rediff from Eterno. Rediff had invested in the company in 2008. The terms were not disclosed. Eterno Infotech owns the popular mobile app NewsHunt that has over 10mn downloads till date. NewsHunt aggregates newspapers in 10 languages over mobile. Eternos app also has pre-embedded partnership with Nokia and MicroMax. Ver Se has entered the mobile web space with this transaction. The OnMobile incubated company provides mobile oriented utility services across jobs, education, property and auto to over 390mn subscribers. mVAS: Aurality raises Seed Funding Aurality Technologies has raised a Seed Funding of $300k from a group of Angel investors including Google Indias Rajan Anandan, Vikas Taneja, Sunil Kalra of Indian Angel Network and Blume Ventures. Aurality Technologies is a Mumbai based Mobile applications development company started in 2011. It has a mobile app called Aurality that convests speech into text. The funding will be used to scale up operations.

News Update
Indian Music industry gets 104 music sites blocked In a big move against piracy, Indian Music Industry (IMI) has got orders from Calcutta High Court directing all Internet Service Providers to block 104 music sites. The legal sites like Saregama, Gaana, nokia Music, Flipkart and more will gain from the move. While media companies like Reliance BIG Entertainment and T-Series had been getting small wins, but this marks a move against digital piracy on an industry level. Digital music contributed 58% to the Rs. 9 bn music Industry in 2011 compared to only 19% in 2007. Digital music sales overtook physical music sales in 2010 itself. Share of Physical music has declined to 29% in 2011. IRS Q4 2011: Media grows 0.9% QoQ, led by TV, C&S and Internet The latest Indian Readership Survey results are out. Media consumption grew 0.9% on a quarterly basis led by TV (1.9%), C&S (3.2%) and Internet (11.4%). Radio and Cinema witnessed a decline of over 1% each. Press was stable with 0.1% growth. In Top 10 English Dailies, there was no change in rank, with TOI the undisputed leader with Average Issue Readership (AIR) of 7.6mn. HT remained a strong #2, with AIR of 3.8mn. Among top10, seven dailies grew their AIR, with maximum spurt seen by New Indian Express (7.4%). Deccan Chronicle declined the maximum at -5.5%. th In Top 10 Hindi Dailies, Patrika grew 25% to reach 9 rank, there was no change in top 5. Dainik jagran was the undisputed leader with AIR of 16.4mn, followed by Dainik Bhaskar at 14.6mn. Both saw decline in AIR this quarter. In Language Dailies, Malayala Manorama was the leader with AIR of 9.9mn. Daily Thanthi was upsurped from Number 2 position by Lokmat, that grew 1.7% QoQ to reach AIR of 7.5mn. In Hindi Magazines, Pratiyogita Darpan was the leader with AIR of 2mn. New entrant Samanya Gyan Darpan, shot to number 3 position with AIR of 1.7mn. In English magazines, India Today remained the leader with AIR of 1.6mn.

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 Indias 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

FOUR-S Mediatainment Track

growth of 30% (Returns) Stock Market Update YoY.
Market Cap in .`mn
Stock Zee Entertai nment Sun TV Network Di s h TV DB Corp HT Medi a Ja gra n Pra ka s ha n Ha thwa y ca bl e Eros Interna tiona l Den Networks TV 18 Broa dca s t ENIL Decca n Chroni cl e Onmobi l e Pri me Focus Rel i a nce Broa dca s t Rel i a nce Medi a works PVR Ba l a ji Tel efi l ms Ni fty Sens ex MCap (Mar 30) Price (Mar 30) 1,21,336 1,23,388 67,963 40,227 31,928 31,817 23,529 16,618 13,701 10,012 10,249 7,394 6,927 5,971 4,239 3,542 3,856 2,788 126.6 313.1 63.9 219.5 138.4 100.6 164.7 181.2 105.0 27.7 217.5 34.6 60.1 43.0 53.4 76.8 148.3 42.0 5296 17404 15 days 1% -1% 17% 3% 3% 0% 2% -8% 6% 6% 5% -12% -4% -9% -3% -9% 7% -5% 0% 0% 1m 0% 1% 17% 7% -4% -6% -1% -2% 0% -9% -8% -21% -16% -20% 1% -7% 4% 0% -2% -2% 3m 7% 14% 9% 17% 9% 5% 50% -11% 118% 3% -2% -5% -5% -7% 6% 13% 15% 27% 15% 13% 6m 8% 35% -17% 8% -7% -9% 89% -25% 50% -34% -17% -37% 0% -23% -23% -16% 22% 36% 7% 6% 1 yr 2% -28% -4% -12% -6% -20% 72% 34% 25% -70% -11% -57% -51% -17% -28% -49% 44% 28% -9% -10% P/E (TTM) 19.6 16.6 NM 19.9 15.8 17.8 NM 12.9 100.7 NM 18.3 92.1 6.6 6.6 NM NM 10.7 31.3

Financial Benchmarking - Quarter 3, FY12 Results

Quarter ending 31 December, 2011
Company
Zee Entertai nment Sun TV Network* Di s h TV* UTV Softwa re DB Corp Ja gra n Pra ka s ha n* HT Medi a Ha thwa y ca bl e* Eros Interna tiona l Den Networks TV 18 Broa dca s t ENIL Decca n Chroni cl e* Rel i a nce Medi a OnMobi l e Gl oba l Pri me Focus PVR
st

Revenue Q3, FY'11 Q3, FY'12 8,249 5,980 3,732 2,559 3,482 2,860 4,651 1,199 2,798 2,644 2,362 1,458 1,996 2,423 1,486 1,269 1,336 395 7,548 4,251 4,905 1,654 3,956 3,240 5,266 1,277 4,084 2,782 3,428 768 2,316 2,111 1,688 2,128 1,390 346 y-o-y -8% -29% 31% -35% 14% 13% 13% 6% 46% 5% 45% -47% 16% -13% 14% 68% 4% -12% 2,241 5,018 667 534 1,148 897 883 214 619 268 321 308 754 167 336 369 216 -4

EBITDA 2,160 1,202 -686 -4% 80% NM 1,600 2,255 -443 400 659 526 478 -124 428 92 198 -52 352 -570 209 175 -48 12

PAT 1,393 -13% 1,679 -26% -430 -962 NM NM

Q3, FY'11 Q3, FY'12 y-o-y Q3, FY'11 Q3, FY'12 y-o-y 3,411 -32%

1,018 -11% 723 -19% 777 -12% 221 1,010 -341 3% 63% NM

554 -16% 413 -22% 482 1% -183 691 -535 184 -1,511 263 90 11 NM 61% NM NM NM 50% NM -8%

235 -12% 257 -16% 502 -33% -454 391 613 240 -19 NM 16% 66% 11% NM

35 -62%

213 -39% 178 -15%

Balaji Telefilms*

* Standalone results

Figures in Rs.`mn

DeskResearch DeskResearch high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well leading provider of DeskResearch as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including Indias Top 5 PE Funds. For further information, please contact DeskResearch Desk SeemaShukla at seema@four-s.com or reach us as http://www.four-s.comFour-S Services is India's leading provider of highend 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 Indias Top 5 PE Funds. For further information, please contact

FOUR-S Mediatainment Track

Nine Months ending 31 December, 2011
Company
Zee Entertai nment Sun TV Network* Di s h TV* UTV Softwa re DB Corp Ja gra n Pra ka s ha n* HT Medi a Ha thwa y ca bl e* Eros Interna tiona l Den Networks TV 18 Broa dca s t ENIL Decca n Chroni cl e* Rel i a nce Medi a works OnMobi l e Gl oba l Pri me Focus PVR
st

Revenue 9M, FY'11 9M, FY'12 22,134 14,632 10,036 7,041 9,479 8,327 13,116 3,484 5,927 7,641 5,984 3,709 6,681 6,970 4,039 4,262 3,717 1,085 21,715 13,304 14,331 6,118 11,032 9,341 15,143 3,787 7,370 8,177 9,107 2,156 6,592 6,385 4,605 5,828 3,947 991 y-o-y -2% -9% 43% -13% 16% 12% 15% 9% 24% 7% 52% -42% -1% -8% 14% 37% 6% -9% 5,997 11,940 1,487 1,479 3,235 2,708 2,482 696 1,419 892 391 495 3,412 505 899 1,294 708 -82

EBITDA 9M, FY'11 9M, FY'12 5,796 10,725 3,542 -742 2,793 2,468 2,392 640 1,723 658 -36 504 1,724 -1,051 986 1,652 727 -64 y-o-y -3% -10% 138% NM -14% -9% -4% -8% 21% -26% NM 2% -49% NM 10% 28% 3% NM 4,402 5,639 -1,526 1,214 1,905 1,637 1,280 -229 1,041 297 -43 -31 2,090 -1,554 623 659 93 -23

PAT 9M, FY'11 9M, FY'12 4,290 5,356 -1,098 -1,281 1,567 1,368 1,435 -434 1,151 98 -404 360 546 -3,918 783 783 387 101 y-o-y -3% -5% NM NM -18% -16% 12% NM 11% -67% NM NM -74% NM 26% 19% 317% NM

Balaji Telefilms*

* Standalone results TTM Dec-11 Results

Company
Zee Entertai nment Sun TV Network* Di s h TV* UTV Softwa re DB Corp Ja gra n Pra ka s ha n* HT Medi a Ha thwa y ca bl e* Eros Interna tiona l Den Networks TV 18 Broa dca s t ENIL Decca n Chroni cl e Rel i a nce Medi a OnMobi l e Gl oba l Pri me Focus PVR

Figures in Rs.`mn

Revenue TTM Dec10 TTM Dec11 28,627 18,551 13,068 8,347 12,050 10,690 16,999 4,484 7,555 10,104 7,672 4,911 8,598 9,266 5,268 5,143 4,592 1,532 29,695 17,909 18,661 8,546 14,206 12,167 19,871 5,022 8,513 10,998 11,165 3,083 9,673 7,777 5,938 6,596 4,842 1,436 4% -3% 43% 2% 18% 14% 17% 12% 13% 9% 46% -37% 13% -16% 13% 28% 5% -6% 7,833 15,249 1,835 1,886 3,931 3,340 3,402 908 1,721 1,162 416 776 3,945 746 1,118 1,287 818 16

EBITDA y-o-y TTM Dec10 TTM Dec11 8,064 14,364 4,443 -442 3,589 2,910 3,268 807 1,856 889 35 814 1,166 -1,692 1,293 2,033 912 -68 3% -6% 142% NM -9% -13% -4% -11% 8% -24% -91% 5% -70% NM 16% 58% 12% NM 5,607 7,290 -2,124 1,539 2,212 2,001 1,808 -322 1,236 625 -267 147 2,155 -2,009 700 788 20 11

PAT y-o-y TTM Dec10 TTM Dec11 6,196 7,440 -1,469 -1,120 2,022 1,789 2,025 -609 1,292 136 -680 561 80 -5,624 1,052 903 359 89 y-o-y 11% 2% NM NM -9% -11% 12% NM 4% -78% NM 282% -96% NM 50% 15% 1679% 688%

Balaji Telefilms*

* 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 Indias 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

FOUR-S Mediatainment Track

Four-S Services Pvt Ltd

Founded in 2002, Four-S has a strong & successful track record of genuine, accurate and objective advice to top Indian & global companies & PE Firms. Four-S has already proven success in corporate finance, strategy consulting, fund-raising, investment banking and investor relations mandates with 100+ corporates and large PE funds

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Offering comprehensive bouquet of services to SMEs, Corporates and PE Funds

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FOUR-S Mediatainment Track

About Four-S Services
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