Indonesia’s largest media company Media Nusantara Citra (MNC) raised US$412 million in its IPO and will spend more than $200 million to expand its media and broadcasting business, including content development and potential acquisitions. An additional $65 million will be used to repay bonds and finance future capital expenditure. MNC owns terrestrial webs RCTI, TPI and Global TV, 15 radio stations, a national newspaper and three tabloids. Post IPO, PT Global Mediacom owns 70% of MNC. Singapore’s MediaCorp acquired a 6.5% stake in the company for $90 million. On July 2 Mediacom realized its long-mooted plan to assume a majority stake of MNC Sky Vision (Indovision), the leading pay-TV operator with 290,000 subs, more than half of the legitimate market, Media Partners Asia reported.