| MUMBAI:
Chinese television content provider Navstar Media Holdings, Inc. has entered into
an agreement to acquire operational control and 70 per cent ownership interest
of content and production company Beijing Broadcasting and Television Media Co.,
Ltd. Navstar also announced the appointment of Yang Wenquan to its board of
directors.
During the past five years, Beijing Media has produced approximately
10,000 hours of television programming, including TV series, movies
and specials. The company currently produces approximately 500 hours
of programming per year for CCTV.
"This acquisition is
another step in our strategy to further build upon our content development capabilities
to take advantage of the growth of China's media market. Through this transaction,
we will strengthen our operating management team, improve our production facilities,
expand our distribution footprint and unlock new opportunities to drive our business.
We welcome Yang Wenquan to our Board and look forward to working with him and
the Beijing Media team as we seek to unlock the full potential of our resources,"
said Navstar CEO Don B. Lee.
| 
