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MUMBAI:
Turner Asia Pacific Ventures Inc. has got government approval
to invest Rs 850.1 million in India over a two-year period.
The
media conglomerate was seeking induction of foreign equity
in a "company engaged in uplinking of non news and current
affairs TV channel."
Turner
International is setting up a 50:50 joint venture with Miditech
promoters to roll out entertainment channels in Hindi and
other Indian languages.
Turner
has also picked up close to 30 per cent stake in Miditech,
a production house run by the Alva Brothers, for an undisclosed
amount.
Time
Warner already broadcasts kids channels Cartoon Network and
Pogo in the Indian market. Turner also has a joint venture
with Zee Group for a distribution company where it holds 26
per cent stake.
The
government has also given clearance to Kid Media India, a
subsidiary of Dubai-based Spacetoon Media, to invest Rs 780
million in India.
The
company plans to start a kids cartoon channel which will be
linked from Dubai Media City and down linked in India.
Kids
Media India recently entered into a pact with Marvel Entertainment
International. It will represent Marvel on its licensing,
merchandising, publishing and promotional programmes in the
country. Spiderman, X-Men, The Hulk, Iron Man, Ghost Rider
and Captain America are some of Marvel's properties.
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