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Veteran Hollywood executives Harry Sloan and Jeff Sagansky are investing at least $303.7 million to acquire 33.5% of Videocon d2h, a pay-TV service in India that provides direct-to-home broadcasts.

The funds are part of the monies raised in 2013 in an initial public offering by Sloan and Sagansky through their Silver Eagle Acquisition Corp., a special-purpose acquisition company.

Monday’s announcement said Videocon d2h has a subscriber base of 11.8 million with a 16.5%  share of the direct-to-home market in India. Videocon d2h, based in Mumbai, is part of the Videocon Group.

Depending on the interest by Silver Eagle shareholders, the value of the transaction could go as high as $375 million for a 38.6% stake. Shares issued by Videocon will be represented by American Depositary Shares, which will be listed on the Nasdaq.

Sagansky said, “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. Together there is an expected 33 million new pay-TV subscribers over the next four years, and we are pleased to become part of Videocon d2h’s dynamic growth story.”

Sloan and Sagansky’s Global Eagle Acquisition moved into inflight entertainment in 2012 by acquiring two companies — U.S.-based broadband service Row 44 and Germany-based content supplier Advanced Inflight Alliance — in a transaction valued at $430 million.

Sloan and Sagansky unveiled Global Eagle in early 2011 after Sloan had departed MGM as chairman after MGM completed its restructuring via a pre-packaged bankruptcy.

Sagansky’s currently in charge of Winchester Capital, a private movie and television finance company based in New York. He’s worked for three decade in show business, including serving as president of CBS Entertainment between 1990 and 1994 and as CEO of Paxson Communications between 1998 and 2003.