Another day, another story in the Economic Times about Reliance Entertainment…again not corroborated. As per the report, ADA Group company Reliance Entertainment is looking to place 5 percent of its equity, at a valuation of close to Rs. 6000 crore (around $1.5 billion). The money will be used to fund the company’s plans in movie production (25-30 movies over 18 months), social networking, movie rental (500 shops). Just yesterday, there was news of Reliance Entertainment company Zapak planning to buy Sony (NYSE: SNE) Online Entertainment, though Sony denied it. The story may have been speculative, but if you see it in the context of the stake sale story today, one wonders if all of this is going to help bump up valuations. ET has since pulled the online version of the Zapak-SOE story, and people in the industry are raising questions about the credibility of both ET and Reliance Entertainment.