(9 April 2008 3:30 pm)

MUMBAI: Reliance Big Entertainment, part of the Reliance ADA Group, has bought out the Digital Images business of US-based DTS, Inc for approximately $7.5 million (around Rs 300 million) in an all-cash deal.

With its first acquisition overseas in the digital services space made, Reliance now plans to cater to the rapidly growing 3D content market.

The company will not only use DTS' digital images to bring technology solutions for correction in original stereoscopic footage, but also for the re-rendering of 2D footage into 3D.

"DTS Digital Images, also popularly known as Lowry Digital Images, enjoys a reputation as the premier film imaging and restoration facility. Since the company fits well with the digital services strategy of the Reliance ADA Group in the global media and entertainment space, we did this deal with them," said Reliance SVP Anil Arjun.

Furthermore, the acquisition will also allow Reliance to have an access to top Hollywood studios as clients for its content services.

With the closing of the deal, DTS, which provides digital audio and other technology, has finally made an exit from the image enhancement and restoration services business.

"We are pleased to have completed this transaction, which takes us one step closer to our goal of focusing entirely on our consumer business. 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 considerable talent and technology of the digital images business and continue to serve our long-term customers," said DTS, Inc president and CEO Jon Kirchner.