When it comes to eyeballs Sony Entertainment Television (SET) seems to have hit a jackpot with IPL but now it is the turn of its investors like Bollywood actor Jackie Shroff to laugh all the way to the bank, as they have been looking at an exit option.

NDTV has learnt that B K Modi, the promoter of Spice Telecom, is set to buy 32 per cent stake in Sony Entertainment Television by paying $ 320 million, which will value the company at $1 billion.

A binding agreement has already been signed between Modi and SET's investors and a deal is expected to close by early June.

Sources suggest that M Corp Global, which is B K Modi's holding company, will be the vehicle for this investment.

Once through the deal will make Modi the biggest Indian shareholder in the company with Sony continuing to be the principal partner with a little over 60 per cent stake in SET.

'It is good to see that consolidation is happening in the industry and I think the valuation is justified,” said Daljeet S Kohli, HoR, Emkay.

The Indian investors like Jackie Shroff in the channel were keen to exit after Sony Entertainment decided to shelve its IPO plans while many private equity funds have shown interest in the company.

It is not yet clear whether B K Modi will be investing with the funds as a consortia but when contacted both Modi and Sony officials refused to comment on the development.

B K Modi has been eyeing the entertainment space for quite some time.

Spice group is already running a few multiplexes and is also into film production but it is probably this buy, which will  make B K Modi a major player in this space and give him a foothold into the fast growing television business.