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Soros Invests $100 Million in Reliance Entertainment

Billionaire investor George Soros has bought 3 percent of Reliance Entertainment for $100 million, a spokesman for the Indian company said, the latest sign of increasing investor interest in Indian entertainment firms.

"The purchase values the company at $3 billion," he said.

Reliance Entertainment, owned by the diversified Anil Dhirubhai Ambani Group, has interests in Internet and new media, film production and distribution and television broadcasting.

The ADAG Group also has a majority stake in production and distribution company Adlabs Films, and plans to launch Internet Protocol TV and a satellite broadcast service.

India has the world's third-biggest cable TV market, which is forecast to become Asia's most lucrative pay TV market by 2015.

Broadcaster New Delhi Television recently sold 26 percent in a unit to NBC Universal for $150 million.

Walt Disney has a minority stake in broadcaster UTV Software Communications, while Time Warner's Turner International and Viacom have ventures with Indian firms for entertainment channels.