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/2017/06/24/FIFA-Story.jpg?itok=-v_bg075
U-20 & U-17 FIFA '19 bidding for host launched, Sony to telecast U-17 in seven countries

Broadcasters, OTT/VoD platforms and digital companies are looking forward to entertaining and engaging viewers by providing the best adrenalin. Sports lately is the genre which is in vogue. Leading broadcast and streaming companies are seeking out avenues and sporting event opportunities to keep...

Television TV Channels Sports
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/06/24/Brooks_Meek-Anthony_Moore.jpg?itok=5ynTynEr
India among prospects to train at NBA Academy

MUMBAI: The National Basketball Association (NBA) and Basketball Australia (BA) has announced the official opening of The NBA Global Academy, an elite basketball training center at BA’s Centre of Excellence at the Australian Institute of Sport in Canberra. The NBA Global Academy will serve as the...

Television TV Channels Sports
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/06/24/Prannoy_Roy-Radhika_Roy.jpg?itok=U3wkYBz0
NDTV resolutions confirm re-appointment of Roys & sale of subsidiaries

MUMBAI: NDTV, in a communique to the secretary, BSE Limited, and assistant VP, Listing Department, National Stock Exchange of India, signed by the company secretary Navneet Raghuvanshi, confirmed that four special resolutions as mentioned in the Postal Ballot Notice dated 11 May, 2017, have been...

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/06/24/Carlos-Amoros.jpg?itok=nKVSW3ay
Tripleplay to provide Atlético de Madrid stadium tech solution

MUMBAI: Tripleplay, a leader in the development of Digital Signage, IPTV and Video Streaming Solutions, has been chosen by Atlético de Madrid to implement its technology at the brand new, 68,000 capacity, Wanda Metropolitano Stadium in Madrid this July.

Television TV Channels Sports
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/06/23/ntony_0.jpg?itok=s8hztsgm
Roy C. Anthony joins Ventuz Technology as VP - creative development & ops

Roy C. Anthony, a leading figure in the digital creative world, has joined Ventuz Technology AG. For over 20 years, Roy has been a force of innovation in fields ranging from VR, film, event and staging environments. Pushing boundaries in large scale interactive immersive display technologies, he...

Television TV Channels People
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/06/23/zee.jpg?itok=em5ZBwe8
Zee Cafe targets 20-40-yr-olds with BBC First drama

MUMBAI: Zee’s English entertainment channel Zee Café has partnered with BBC Worldwide to bring award-winning premium British drama to its audience. Starting from 26 June, the channel will host BBC First content block with 11 new shows set to air every weeknight at 10pm time slot. The channel has an...

Television TV Channels English Entertainment
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/06/23/Dhimant%20Parekh.jpg?itok=7Qv1DKpo
HistoryTV18: #BossWomen to tell stories of Indian women

NEW DELHI: #BossWomen, a weekly video series showcasing the stories of extraordinary Indian women, has commenced telecast on HistoryTV18. The programme is part of a first-of-its-kind digital collaboration with disruptive tech-media platfvorm The Better India. The first episode is on with the story...

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/06/23/DD-800x800.jpg?itok=mThViP0X
Doordarshan: Soaps & travelogues make Arun Prabha shortlist, presentations early July

NEW DELHI: The producers of the 390 proposals in nine genres which have been shortlisted for soon-to-be-launched DD Aruna Prabha for the northeast have been asked to make their presentations in DD Headquarters in Delhi from 6 to 10 July. All the shortlisted productions are in the commissioned...

Television TV Channels Terrestrial
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/06/23/Virat-Kohli-800x800.jpg?itok=8Zi6rB7w
UCWeb: Cricket viewership soars 230%, Lucknow, Pune, Bhopal, Delhi & Mumbai see max traction

NEW DELHI: Consumption of Cricket-related content exceeded 0.75 billion on UCWeb Platforms - UC News and UC Browser, for the latest edition of IPL 2017 and the recently-concluded ICC Champions Trophy 2017. According to a data report titled Insights into India’s Cricket Frenzy released by Alibaba...

Television TV Channels Sports

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories