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MUMBAI:
Turner International is paying Rs 850 million for acquiring
a 30 per cent stake in Miditech, a production house promoted
and run by the Alva Brothers.
The
two companies had earlier made an announcement of the deal
without disclosing the acquisition price.
ICICI
Ventures has exited from Miditech, selling its 25 per cent
holding to Turner. The Alva Brothers hold the remaining 70
per cent in the production company.
The
broadcasting company, which is the other arrangement Turner
has with the Alva Brothers, has been named Real Broadcasting
Company.
"Real
Broadcasting Company is the name of the 50:50 joint venture
entity that we have with the Alva Brothers. We haven't yet
finalised the name of the Hindi general entertainment channel,"
says Turner International India MD Anshuman Misra.
The
Hindi general entertainment channel will launch in the fourth
quarter of the current year.
Also
in the fourth quarter of the year Turner will be launching
a Hollywood movies and series' channel with group company
Warner Bros.
"We
have two channels in the kids space - Cartoon Network and
Pogo. We are also adding another English channel which will
complement HBO. It will not only have movies but also series.
We hope with this we will corner the English language entertainment
market. The channel will be distributed not only in digital
platforms but also on analogue cable," says Misra.
Though
the marketplace in India is getting extremely competitive,
Turner is growing at 25 per cent, Misra adds.
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