NEW DELHI, May 17 -- Actors long associated with iconic film roles are increasingly acquiring rights to older hits, betting that nostalgia-driven intellectual property can generate fresh value through remakes, sequels, streaming, licensing and franchise extensions in an overcrowded content market.

Recently, actor Sanjay Dutt acquired the rights to his 1993 hit cthat he plans to reimagine along with Jio Studios and Aksha Kamboj's Aspect Entertainment. In the past, stars like Shah Rukh Khan too have bought rights to older hits from original producers, reflecting a broader shift in how value is captured in the content economy.

Khan has bought rights to older hits such as Kabhi Haan Kabhi Naa and One 2 Ka 4 from original producers.

For pro...