SBS partners with MD Entertainment to tap into Southeast Asian market
SBS CEO Bang Moon-shin shakes hands with MD Entertainment CEO Manoj Punjabi, July 1. Courtesy of SBS
SBS said Tuesday it has made a strategic $20 million investment in leading Indonesian media firm MD Entertainment.
The deal was made through a new share issuance where SBS acquired rights from MD's largest shareholder at a discounted price, according to SBS.
The transaction was approved by Indonesia's financial regulators on Wednesday. Upon completion, SBS will hold a 3.8 percent ownership stake in the Jakarta-based company.
SBS said the move is a key part of its new growth strategy to bolster international partnerships and establish a crucial base in the Southeast Asian content market.
Established in 2002, MD Entertainment is one of Indonesia's largest media and production companies.