Blackstone Makes Indian Media Play

The Blackstone Group has agreed to acquire an undisclosed stake in Indian media company Ushodaya Enterprises Ltd., in exchange for a $275 million equity infusion. The deal also includes $190 million in bank financing, and is subject to regulatory approval. Kotak Investment Banking advised Ushodaya Enterprises on the deal. Ushodaya Enterprises owns India's third-largest newspaper and fourth-largest private television broadcasting network.