CA Media makes 4X returns on its investment in Endemol Shine India after an arbitral award

New Delhi: Paris-headquartered independent content creation company Banijay Group has bought out media-focussed venture capital fund CA Media’s 49% stake in one of India’s leading production studios Endemol Shine India post a three-year arbitration process.

CA Media initially picked up 49% in Endemol Shine India, the producer of reality shows such as Bigg Boss, Fear Factor Khataron Ke Khiladi and The Great Indian Laughter Challenge, in March 2012 for around $20-25 million. The exit is at around $90-100 million, a four-fold increase in dollar terms. 

Banijay, which entered into a $2.2 billion deal in 2019 to acquire Endemol Shine Group, wanted to take full control of the Indian entity and buy out CA Media’s stake in the company. However, the two parties did not agree on the valuation done by a third party and the matter was referred to arbitration. 

Insiders said that CA Media won the arbitration, following which Banijay bought out its stake. Following the deal, Banijay is likely to restructure its business in India. At present, Banijay has a 50:50 JV with former Endemol India MD Deepak Dhar, Banijay Asia. 

Going forward, both Banijay Asia and Endemol Shine India will work under the leadership of Dhar, who has been appointed founder and Group chief executive officer. 

Banijay did not revert to Mint’s queries on valuation and total payout.

The move marks the third successful exit for Rajesh Kamat, who manages CA Media and Emerald Media portfolios, apart from a liquidity event in OML Entertainment. Earlier, Emerald Media, which had led the $35 million Round D for Amagi in early 2017, exited with a three-fold return. In June 2021, it sold its majority stake in Indian animation production company Cosmos-Maya to TPG-backed NewQuest Capital Partners, making close to a four-fold return on its investments made in January 2018.

Kamat did not reply to Mint’s queries.

In a recent interview with Mint, Dhar said the company plans to put on 35-45 shows a year across TV and streaming platforms in India. The slate will cover fiction, reality shows, and documentaries, including adaptations of international shows such as Suits, Top Chef, House, and Monk. The company will also form partnerships with content studios of Salman Khan, Kamal Haasan, and M.S. Dhoni to offer web films and shows. 

The group is known for producing crime dramas, investigative thrillers, and The Kapil Sharma Show on TV, and over-the-top (OTT) offerings such as Tribhanga on Netflix, and Matsya Kaand on MX Player. Banijay Asia also produces A.R. Rahman’s ARRived, a music reality show on YouTube, an adaptation of Israeli drama Hostages, Netflix originals such as Call My Agent: Bollywood, and Undekhi on SonyLIV. 

Its upcoming projects include adaptations of unscripted formats such as Survivor and Temptation Island, scripted dramas House M.D and three local originals Kao Girls, Donkey Route, and One Up.