Universal Music to Buy Stake in India’s Bollywood Movie Studio Excel for $90 Million

Universal Music Group will acquire a minority stake in Indian movie and digital content studio Excel Entertainment, boosting its presence in a market with high growth potential for recorded music.

The company behind Lady Gaga and Taylor Swift said it had entered into a definitive agreement to buy a 30% stake in Excel for about 77.1 million euros ($90.4 million). The deal values Excel in its entirety at roughly 257 million euros.