Television

Deal signed, ABP holds 74% in Star News holding company MCCS

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/smartcrop_800x800/public/images/tv-images/2016/03/15/Star%20News.jpg?itok=uwHKt2wN

MUMBAI / NEW DELHI: In the end the "bhadralok" from Bengal, Aveek Sarkar, held firm and had his way in the matter of how much stake his Ananda Bazar Patrika Group would hold in the reconstituted Media Content and Communications Services India Pvt Ltd (MCCS).

The agreement signed today between ABP Pvt Ltd and the Star Group gives the West Bengal-based media company 74 per cent and Star 26 per cent in the augmented paid-up equity share capital of MCCS. Sarkar will have to cough up Rs 750 million for his 74 per cent stake, which means MCCS is being valued at a little over Rs 1 billion.

The new joint venture company MCCS, which is responsible for the broadcast of Star News, has been formed to comply with the revised government guidelines for the uplink of news channels out of India.

Accordingly, the board of directors of MCCS is also being reconstituted. Information available with indiantelevision.com indicates that there will be six members on the MCCS board headed by Sarkar himself. Ravina Raj Kohli continues as president of Star News, as too Sanjay Pugalia as news director of the channel.

MCCS, which will probably be filing a fresh uplink application before the government on Monday, will now reportedly be doing so as an ABP Group company in which Star is the minority stakeholder. Additionally, companies that Star News was outsourcing from like Touch Telecontent (India) Pvt Ltd (for infrastructure support) and Rent Works Ltd, are reportedly to be merged with MCCS.

What will be the arrangement as far as Hughes Software Systems Ltd, which supplies newsgathering and connectivity-related equipment to MCCS, is not immediately clear. It is reasonable to assume that Hughes remains out of the ambit of this merger. It may be recalled that US-based Hughes Electronics (which is in the process of being bought over by News Corp) owns 55.44 per cent equity stake in Hughes Software Systems Ltd.

A question that arises is what happens to the former stakeholders in MCCS? While Vir Sanghvi is out of the country and former largest stakeholder in MCCS Suhel Seth was unavailable for comment (as too Hemendra Kothari of DSP Merill Lynch), indiantelevision.com did manage to elicit a response from Jeetendra, chairman of Balaji Telefilms. Jeetendra, who held a 5 per cent stake in the earlier restructured MCCS, said the shares he'd held had already been returned. Queried as to what the terms were, he said Star had repaid the nominal amount he'd put down for the shares.

Commenting on the developments ABP managing director A Lahiri said, "This alliance is in line with the ABP Group's strategy to get into the fastest growing media space from our traditional area of expertise, which is print media. Our partnership with Star Group will enable us to gain in terms of scope, scale and influence. In turn, ABP's 80 years of history and expertise in content making will add value to Star News."

Star India CEO Peter Mukerjea had this to say: "In ABP we found a strong media partner that shares our vision for Star News - providing Indian viewers, news that is unbiased and relevant to our country. We have great faith and confidence that a partnership such as this - of two leading media companies will be a stepping stone into a very positive future for our viewers, advertisers, cable operators and all stake holders."

Star News came into being in its current avatar in April after its content contract with Prannoy Roy's NDTV ceased. The Hindi news channel is headquartered in Mumbai, has a super bureau in Delhi and 19 regional bureaux across the country.

Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/11/23/kidshow_0.jpg?itok=Fm25kd_I
How kids cope with working on TV

MUMBAI: Reality shows or talent-based shows are picking up popularity in India. But do they leave behind harmful after effects on the little ‘uns?

Television TV Channels Kids
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/11/23/Kids.jpg?itok=Pu-tdpDo
Kids prefer 'entertainment' over 'edu-tainment' on TV

MUMBAI: Broadcasters’ various attempts at creating content that can get children hooked has repeatedly turned up one result – animation entertainment is what each child comes for.

Television TV Channels Kids
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/11/23/DD_Kashir.jpg?itok=9oJW8g1B
Doordarshan calls off DD Kashir's channel packaging

NEW DELHI: Over five months after bids were invited and three months since agencies were shortlisted, Doordarshan (DD) has cancelled the tender for the channel packaging work of DD Kashir.

Television TV Channels Specialised and Niche
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/11/23/John_Lasseter.jpg?itok=-2cK3lBI
Disney, Pixar's John Lasseter accused of misconduct, takes leave

MUMBAI: Now it’s the turn of Pixar cofounder and Disney chief creative officer John Lasseter to lose his halo. The animation legend has apparently taken a leave of absence from the company following alleged misconduct and missteps. The leave is expected to be for six months.

Television TV Channels People
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/11/22/kannda.jpg?itok=eTeV8wJt
Judges take the stage in Zee Kannada’s Drama Juniors - Season 2

Bengaluru, 22 November 2017: This weekend is going to extra special for Zee Kannada viewers! For the first time ever, the judges panel including Mukhyamantri Chandru, Actress Lakshmi and Actor Vijay Raghavendra and show host Master Anand are all set to perform along with the little stars of Drama...

Television TV Channels Regional
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/11/22/amrita.jpg?itok=fkIIzK8W
The Walt Disney South Asia promotes Amrita Pandey to lead media distribution & OTT

The Walt Disney Company South Asia has elevated Amrita Pandey and appointed to the newly created role of regional head – media distribution and OTT, South Asia.

Television TV Channels People
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/11/22/Epic_Channel.jpg?itok=cxozdoeN
GUEST COLUMN: From Juggle To Juggernaut: Localising content for India

There is an unassailable advantage in being the first to do something - there is so much to do that one is spoilt for choices. Opportunities lie aplenty and the emotional response is that of a kid at a candy store. All of us, in the local factual entertainment space, are that kid staring at a...

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/11/22/genres800.jpg?itok=O7zmL3ru
Colors Infinity, Comedy Central gain highest OTS in genres: Chrome DM

MUMBAI: With growth of 2.22 per cent, the English GEC genre marked the highest opportunity to see (OTS) among all categories in week 46 of Chrome Data Analytics & Media. In this category, Colors Infinity gained the highest OTS with 47.7 per cent and Comedy Central was the second most benefitted...

Television TV Channels Viewership
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/11/21/discovery.jpg?itok=1Yn6OGCG
Discovery uncovers true stories of reality-based movies

Discovery Channel is launching a new series Real story of… which will premiere on 26 November and will air every Sunday at 10 pm. The series uncovers true stories behind some of the Oscar-nominated movies of recent years to separate fact from fiction.

Television TV Channels English Entertainment

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories