Mumbai, India - The Valuable Group, an India-based media and technology firm, announced on Wednesday that it has completed its purchase of the assets of video-on-demand service Moviebeam from from Dar Capital Limited.

Financial terms of the deal were not disclosed.

Initially launched in 2005 by Disney (NYSE: DIS), the Moviebeam service utilized unused portions of the broadcast spectrum to wirelessly transmit movies to set-top boxes connected to televisions in consumers' homes.

Disney shuttered the service before any major roll-out, and sold it to Movie Gallery last year before that company declared bankruptcy; Moviebeam was then acquired by Dar Capital Limited, which sold it to Valuable Group.

Valuable, which operates the satellite-based UFO Moviez digital cinema network, said it plans an initial investment of $100 million over the next two years for Moviebeam's re-launch in North America, the U.K. and other overseas markets.

The service will also be expanded to offer films in HD.

Related Links:
http://www.businesswire.com/news/home/20080715006411/en

http://en.wikipedia.org/wiki/MovieBeam

http://www.valuablegroup.com