MUMBAI: Delhi-based Century Communication Limited (CCL)
has bought out ex-UTV Anil Mishra's 30 per cent stake in Pearl
Media for an undisclosed amount.
Pearl Media will now become a division of the company. "Earlier
Pearl Media was functioning as a subsidiary of CCL. We have
bought out Mishra's stake," CCL chairman PK Tewari tells
Indiantelevision.com. CCL will consolidate its air-time sales,
TV software, outdoor media and radio ad sales businesses under
the umbrella of Pearl Media.
CCL had joined hands with
Mishra in 2004 after he quit UTV as COO of air-time sales and syndication. Pearl
Media was formed to start the ad sales business with particular focus on Sun TV's
group of channels. Pearl Media since then has grown to a turnover of Rs 700 million,
handling 15 shows on Sun Network and two on Doordarshan.
"I have sold my stake
and parted ways with CCL," says Mishra who functioned as CEO of Pearl Media.
A new team is now being put in place with Sanjay Reddy roped in from Walt
Disney to head Pearl Media.
CCL, which posted a turnover of Rs 1.5 billion
for the fiscal 2005-06, has recently ventured into the FM sector and has bagged
nine radio licenses in various cities across India. The company is targeting Rs
2 billion this fiscal. Apart from ad sales business through Pearl Media, CCL is
into post production under the brand name of Pixion.