MUMBAI: From today, Channel [V] is wholly a Star subsidiary.
The Hong Kong-based Star TV, a unit of media baron Rupert Murdoch's News Corp Ltd, today announced that it has acquired the remaining 12.5 per cent of Channel [V] from media group EMI.
Speaking about the acquisition Star communications head Yash Khanna said: " It is a natural progression of ownership. While we were holding 87.5 per cent stake in the company, it was just a matter of time before we had the remaining 12.5 per cent as well."
Channel [V] was set up as a joint venture between EMI, Sony Corp., BMG and Warner Music in 1994, with each partner owning 12.5 per cent of the company share. Almost five years later Star began buying its partners out.
According to Khanna, the acquisition of the remaining 12.5 per cent was always on the cards. He asserted that there would be no changes, as of now, in either the programming strategy or the channel staff.