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MUMBAI:
Malaysia-based Astro will pick up equity in Sun TV Network
Ltd's subsidiary company South Asia FM Ltd (SAFL), says a
ministry source.
SAFL,
which operates Sun TV's FM radio stations outside the southern states, is raising
capital to fund its business. Sun TV's stake in the subsidiary company will fall
likely by five per cent to 60 per cent. SAFL
has got the FIPB (foreign investment promotion board) nod to increase the foreign
direct equity participation. This could be by way of subscribing to fresh equity
shares or by way of purchase of existing equity shares or by a combination of
both. Sun
also operates in the southern region through Kal Radio. The company acquired 48.9
per cent stake in Red FM, a move that provided its FM radio business a footprint
in the three metro markets of Mumbai, Delhi and Kolkata. The
FIPB has also approved Walt Disney Co (I) to run the businesses of home entertainment
and printing and publishing in India. The global media major has ended its home
video licensing relationship with Excel Home Videos. "Disney
will take direct charge of their home video products and market them in India.
The pricing of the DVDs will also be done entirely by them. Disney, however, will
use Excel's distribution network to push its home video products," a source
says. | 
