It’s Enfotainment because people like entertainment even with information. The underlying philosophy is that we have moved from a primitive roti, kapda makaan society into an automated environment—hence the success of IBMs and Xeroxes of the world. Now we are moving into a mobile society. Mobility is the key word. Spice wants to be a big player in this mobile society and also help India move into such a society.
This is why we are working on technologies that will make information, communication and entertainment, all on mobile devices. Everything on the move.
On the television front, what’s happening with the Sony deal? (Modi has been in talks to acquire the 32% stake held by a clutch of Indian investors in Multi Screen Media Pvt Ltd, the firm that broadcasts channels such as Sony Entertainment Television and Set Max)
Once the news of our interest in Sony came out, lot of other people also latched on to it. Sony is more interested in making films. TV is not their main business. So we are talking to them on the films side.
So your interest in the broadcasting company is off?
We might still come in as an investor. But not as an active partner. They are already managing the business. One of our funds may come in as part of a group of investors to take this 32% stake. Purely as a financial investors.
But there are other channels who want to sell. People in the general entertainment business. There are at least six companies that are talking to us. This segment is going through a big financial crunch. The share prices have dropped by more than half. And those who used to put in money into this business are no longer there.
So this is a good time for you to enter?
Yes, it is a good time. But we are only interested in taking control, not in just putting in some money. Because we want to put in the Spice brand there.
That means you would enter a company only if you get majority control?
Not necessarily majority control, but we need influence over the management. Because we need to run it more efficiently. These are being run by people who are very emotional and artistic. We want to take the business approach there. We will need board control. You don’t need majority control for that. You just need to be the single largest shareholder.
Are you already acquiring some shares from the market?
No, we will negotiate and do a private placement or get new shares floated. Right now the market is bad, so we won’t rush into anything. We have a full team evaluating the options and by December-January, we’ll reach a decision.
You have been interested in establishing a studio chain and you were interested in the Culver Studios in California. Are talks still on? (Culver Studios CEO James Cella told Mint in June that his firm was not in talks with Modi.)
Well, it was owned by Lehman Brothers and now all their assets will go into liquidation and we will buy it from the liquidator. A lot of these properties will now come on sale and we will pick and choose judiciously. We were talking to Lehman Brothers for this and they were asking for a high price. Now it is on sale. We have people in New York and Hong Kong who are experts in doing this sort of thing. So we are working on it.
Can you elaborate on the plan for a studio chain?