Anil Ambani Group firm Reliance Big Entertainment has acquired the digital images business of US-based DTS Inc in an all cash deal for $7.5 million (about Rs 30 crore).
The sale, which closed on April 4, marks DTS' exit from the image enhancement and restoration services business, a DTS statement said.
The American firm's business DTS Digital Images (DDI), also known as Lowry Digital Images, offers picture quality improvement services to movies, television and video content in Hollywood.
This is the first acquisition by Reliance Entertainment overseas in the digital services space, the ADA Group firm said in its statement.
DDI is a leading firm in the field of digital restoration and enhancement of moving pictures and uses proprietary tools and algorithms. It works with Walt Disney, Paramount Pictures, MGM and 20th Century Fox, among others.
Some of the its works include Casablanca, Singing in the Rain, Indiana Jones trilogy, Star Wars trilogy, James Bond films among others, the statement added.
Reliance Big, the flagship media and entertainment firm of Anil Ambani group, plans to have three main lines of business, internet and new media, films and TV.
"We are delighted to have concluded a deal with a global industry leader in the media and entertainment space that will continue to build on the talent and technology of the Digital
Images business and continue to serve our customers," Jon Kirchner, president and CEO, DTS was quoted in the statement.
"The company fits well with the Digital Services strategy of the Reliance ADA Group in the global media and entertainment space," Anil Arjun, senior vice president, Reliance Big Entertainment said.