Television

Providence Equity to buy out Star India from Star CJ venture

Mumbai: Star India has been getting out of non-core activities to focus on its  broadcasting (entertainment and sports) and digital businesses. Among the operations it bailed out on figure cable distribution where it exited from Hathway Cable & Datacom and news where it moved out from Media Content & Communication Services (the Star News venture).

 

Earlier this week, both Korea Bizwire and  Variety.com reported that Star India has decided to sell its 50 per cent stake in the Indian home shopping joint venture venture Star CJ with South Korea’s CJ O Shopping  to Providence Equity Partners following approval from the previous Indian government.  The approval process took close to a year and got the Foreign Investment Promotion Board go-ahead just as the previous government's tenure was ending.

 

The quantum that the $40 billion corpus Providence Equity would be paying to buy out Star's holding was not disclosed but it would be done through a Mauritian subsidiary of the private equity fund. The deal between Star and Providence was signed on 29 May, said the Korea Bizwire report.

 

The remainder 50 per cent equity will continue to be with CJ O Shopping, which is part of the CJ group.

 

Both CJ and Star have invested $55 million in the joint venture, which began in 2009 as a six hour slot on Star Utsav, which was then expanded into a 24 hour Star CJ home shopping channel. It reportedly had estimated revenues of about $98 million and can continue to use the Star CJ brand for the next 12 months.

 

CJO Shopping is optimistic of ramping up business through Star CJ following its bringing in Providence as a "financial partner."  Providence also owns equity in European home shopping venture  HSE24, apart from having holdings in Indian cable TV distribution company Hathway Cable & Datcom and UFO Moviez.

 

The move comes at a time when the Network18 (now Reliance Industries) owned HomeShop18 is preparing for a public offering in New York.

Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/10/01/sircar.jpg?itok=NkSSrN9L
IDOS 2016: Prasar Bharati could share infra with private players: Sircar

GOA: Prasar Bharati has thrown an invitation to all private broadcasters and it reads: come and use our under-utilised resources and infrastructure to increase your reach in digital format terrestrially. What’s more, the Indian pubcaster will help in the distribution.

Television TV Channels Terrestrial
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/09/30/sports2.jpg?itok=sekA6qNk
Sports recognised as infrastructure sector, eligible for private investment

NEW DELHI: Alarmed by India's performance in the recent Rio Olympics, the Government appears to have pressed the panic button: which may help sportspersons on the ong run.

Television TV Channels Sports
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/09/30/Salman-Khan-Dabangg-2.jpg?itok=AcTOfo1o
Salman Khan backs Indian Army strike & Pak artistes

NEW DELHI: Bollywood superstar Salman Khan says TV and film artistes from Pakistan should not be treated like terrorists and art and terrorism should not be mixed.

Television TV Channels People
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/09/30/Poster-2-300X300.jpg?itok=8E6ZZbg3
Unearth Sanghavi's secrets on Raj TV

MUMBAI: After a successful launch of the mystical-thriller series Kaakha Kaakha, Raj TV is all set to roll-out another show. Titled Arundathi, the show will hit the TV screens from 10 October 2016 every Monday to Saturday  at 8 pm. The show is s mystery series based around this character called...

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/09/30/Untitled-1_22.jpg?itok=bftCAtGF
CNN News18 to salute 'Agents of Change'

CNN-News18 is all set to air a special half-hour show on the occasion of Gandhi Jayanti. Titled Agents for Change, the show will air on 1 and 2 October. In this special, the channel salutes the citizens who are being the change they want to see.

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/09/30/Untitled-1_18.jpg?itok=m7MHoIF9
Sony Pix to air best films from James Bond franchise

Envy him for his sophisticated gadgets or love him for his charming attitude, you definitely cannot ignore this iconic secret agent, who will sweep you off your feet with his impeccable style and wit. The name’s Bond…James Bond – the panache that remains unparalleled since 1962. Catch the most...

Television TV Channels English Entertainment
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/09/30/Untitled-1_15.jpg?itok=nyQJpnvM
Sumner Redstone pushes for CBS-Viacom merger

The maverick Sumner Redstone, not letting age dim any of his business acumen, is at it again. Earlier this week he sent a strong message to investors and potential takeover tycoons that he fav

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/09/30/Untitled-1_9.jpg?itok=hp_rU7bR
MTV Brand Studio to create music festival for Amazon India

Amazon.in in association with MTV is all set to welcome the festive season with an exciting content marketing initiative.To break the clutter around the festival season, Amazon has upped the ante where customer engagement is concerned by creating a one-of-its kind musical experience in association...

Television TV Channels Music and Youth
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/09/30/Untitled-1_7.jpg?itok=PugxJ9R0
Aishwarya Rai, leading singers to felicitate Clean India champs at Safaigiri Awards

The India Today Group announces the 2 edition of the India Today Safaigiri Awards 2016 - a platform that will showcase and felicitate the pioneering efforts of those who are leading the change in cleanliness. This is in continuation to the first edition that was launched in 2015, one year after...

Television TV Channels News Broadcasting

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories