Former MGM chief Harry Sloan and former CBS entertainment president Jeff Sagansky are teaming up with Videocon d2h Limited, one of the fastest growing direct-to-home broadcast providers in India, to create the first U.S.-listed Indian Pay-TV operator.

In exchange for cash, the founders of Silver Eagle Acquisition Corp. will receive new equity shares of Videocon, initially valued at an estimated $303.7 million, representing no less than 33.5 percent of the company’s equity capital.

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“We created Silver Eagle for the purpose of finding a fast-growing media opportunity, which is taking full advantage of the digital revolution,” said Sloan. “With almost 10 million digital subscribers, this well-managed company has passed the inflection point to become a leader in India’s explosive television growth.”

With Silver Eagle’s investment, Videocon will now have an enterprise value of more than $1 billion.

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While the multichannel home universe in the U.S. and Europe has leveled off, India is expected to grow by 33 million new Pay-TV subscribers over the next four years.

Sagansky continued: “Videocon’s DTH business is in what we believe to be the fastest growing segment of the media industry in India in part because of the government’s ongoing mandatory digitization plan in addition to millions of Indian homes subscribing to pay TV for the first time.”

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Mumbai-based Videocon d2h distributes over 500 digital television channels and other video and audio services to subscribers via direct satellite feeds.

Sloan and Sagansky, the Company’s Chairman and Chief Executive and President, respectively, are expected to join the board of directors of Videocon d2h at closing.