FIBP clears Star News FDI proposal

NEW DELHI: The Foreign Investment Promotion Board (FIPB) today cleared the application by Media Content Communications Services (MCCS) India, the holding company for the Star News venture here, to infuse foreign equity amounting to 26 per cent from Star News Broadcasting Ltd.

MCCS has sought permission from the Indian government to uplink content for the Star News channel.

The clearance came after the information and broadcasting (I&B) ministry gave its go ahead for the same.

What this means is that now the impediments have been removed for a final permission from the I&B ministry for long-term uplink from India, senior I&B ministry officials said. However, the I&B ministry can still ask questions and seek clarifications from MCCS.

MCCS proposes to have a paid-up capital of Rs 625 million according to an application submitted to the government on 22 September.

The authorised share capital of the joint venture between the Aveek Sarkar family-controlled ABP Pvt Ltd and Star Group Pvt Ltd, the application had said, would be Rs 700 million, while the current paid-up capital is Rs 100,000.

MCCS is the company that would uplink and look after the affairs of Star News from India wherein ABP holds 74 per cent equity stake and Star has a 26 per cent shareholding. The former shareholders of MCCS, including ad man Suhel Seth and Balaji Telefilms chairman and actor Jeetendra, were bought out by ABP.

Latest Reads
IPL media rights bidding postponed sine die

MUMBAI: The BCCI has made it clear that the media rights auction cannot take place till the time it gets a concrete go-ahead and a formal approval from the Justice RM Lodha committee. Till the evening of 24 October (Monday), BCCI did not receive the okay from the committee which said, "it is in...

Television TV Channels Sports
Q3-16: DIRECTV mitigates AT&T U-Verse TV subscriber numbers fall

BENGALURU: AT&T acquired DIRECTV added 323,000 net subscribers and hence helped mitigate the company’s Entertainment and Internet Services Group (Entertainment) segment’s loss of 326,000 U-Verse subscribers for the quarter ended 30 September 2016 (Q3-16, current quarter). About 70 percent of...

Television TV Channels English Entertainment
"Let India open its market, we will open ours" - PEMRA chairman Absar Alam

Pakistan’s TV watchdog - the Pakistan Electronic Media Regulatory Authority (PEMRA) - charimanAbsarAlam was in the line of Pakistan’s Geo News anchor Shahzaib Khanzada’s fire last week. In his Monday to Thrusday current affairs talk show AajShahzaibKhanzada Kay Sath - the anchor grilled him time...

Television TV Channels GECs
BIG Magic acquires 'Boonie Bears' exclusive FTA rights

BIG Magic has acquired exclusive FTA rights of ‘Boonie Bears’, the No.1 and most popular animated series in China. BIG Magic has renamed it ‘Babloo Dabloo’ for the Hindi viewing audience. Babloo Dabloo airs every Monday – Sunday 10 am – 11 am & 5 pm – 6 pm only on BIG Magic

Television TV Channels GECs
PBL: Setting stage for next big thing on Indian sporting landscape

India has witnessed the emergence of a multi-sports culture over the past few years. This significant development has come on the back of a promising display by Indian sportspersons across various disciplines, the meteoric rise of home grown leagues and the consequent widening of the fan base of...

Television TV Channels Sports
CNNMoney new section will be about the fastest growing economy; MoneyStream app launched

MUMBAI: Attracting 1.8 million average monthly page views, witnessing a 37 per cent growth in video consumption and 16 per cent in unique browsers month-on-month from India in less than a year’s time is not smooth. In its ambitious plan of global expansion, CNN Digital is leaving no stone unturned...

Television TV Channels News Broadcasting
Content a 'Game of Thrones'; AT&T's control over HBO, Cartoon Network, Warner Bros faces regulatory lens

The global media landscape is resulting in a new juggernaut as an internet and cable behemoth yesterday purchased an entertainment conglomerate making the former unmatched in its size and reach to consumers through home broadband, smartphones, satellite television and a battery of movies and cable...

Television TV Channels English Entertainment
US$ 4.5 bn expected from IPL rights; SC recommends accounts scrutiny

The Supreme Court on Friday froze all financial transactions between the BCCI and state cricket associations by directing the apex body not to disburse any funds till it resolves to abide by the Justice RM Lodha panel recommendations on reforms by 3 December . The top court ordered that none of...

Television TV Channels Sports
TVS Tyres is co-presenter for Asian Champions Trophy 2016

Continuing its strong connect with sports, TVS Tyres has associated with Asian Champions Trophy 2016 by becoming the co-presenter. The Asian Champions Trophy is one of the premier hockey tournaments, a much sought after annual international competition promising some great hockey action. This...

Television TV Channels Sports

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories