Indiantelevision.com Team

(5 April 2007 2:40 pm)

MUMBAI: Percept Media has announced its exit from WebPercept, its online communication solutions specialist unit.

In line with that move, Percept has transferred its majority stockholding to partner Netweb Solutions. Percept has also withdrawn the name 'Percept' from WebPercept with immediate effect, following which, Netweb has renamed the firm as id8labs.

According to a statement issued by Percept, the move is part of a restructuring strategy to set up Percept New Media, for which the company has earmarked $ 10 million investment towards the start-up or acquisition in the 'new tech media' domain.

However, Percept retains the right to use the brand name WebPercept in its future ventures in the 'new tech media' domain which plans to focus on online and interactive communications including gaming, mobile and net.

This is part of Percept's restructuring in its business to have a full independent integrated media service offering. Post the completion of the restructuring, Percept Media (the consolidated media business of Percept Holdings across conventional media, Out-of-Home media, Retail Media, New Media) is set to cross $ 100 million in capitalized billings by end of year one of operations, the release claims.

Percept Holdings vice chairman and managing director Harindra Singh said, "The opportunities in the 'new tech media' domain today are immense and we believe we need to go aggressive in this domain. Percept will shortly announce the 'new tech media' offering in conjunction with its 360-degree offering of 'Percept Media'."

It was in 2000 that Percept tied up with Netweb Solutions with a majority shareholding stake, following which the company was renamed as WebPercept.