Rupert Murdoch-run Star India has received an approval from the FIPB (Foreign Investment Promotion Board) to acquire Telugu TV channel network MAA TV’s broadcast business for Rs 2500 crore. The company had previously bid to acquire this broadcast business in February, and has now received an official nod. The acquisition will give Star it’s first Telugu channel, opening up access to the Telugu television market. Post acquisition, Star will retain the MAA TV brand, as well as its nearly 500 employees. However, the company MAA TV will continue to be retained by its original promoters, as Star’s acquisition only covers the broadcast business. According to Star, the acquisition will help it ‘fill a gap in its portfolio’, as well as allow its advertisers to target the Telugu television market. Screen acquisition: In March, Star India had acquired entertainment magazine Screen from the Indian Express group. As a part of deal, Star would get exclusive ownership of the 64-year-old Screen brand franchise including all archival material and transfer of key employees. The publication added that it would end the print edition of the magazine and would move online. While the size of the deal was undisclosed, it was pegged to be around Rs 30-40 crore. Asianet acquisition: Earlier in March 2014, Star India bought the remaining 13% stake in Asianet Communications Ltd to complete the Asianet acquisition. Star India had increased its stake in Asianet Communications to 87%, by acquiring 12% stake for $160 million in June 2013. This was by virtue of…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...