So it’s Official: BSE listed Balaji Telefilms has informed the exchange that their agreements with STAR for a Joint Venture for regional TV channels is being terminated. Also, Balaji promoters will be buying back STARs stake in Balaji Telefilms for Rs. 190 per share. STAR had acquired 25.99% equity interest in Balaji Telefilms in August 2004. Importantly for Balaji, their contract with STAR is being modified to allow them to work with other broadcasters during prime time.
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Meanwhile, NDTV Ltd and the Hindu Group are forming a joint venture which will launch a Chennai focused TV Channel, reports Indiantelevision.com . NDTV will hold 51 percent stake in the channel, while the Hindu will hold a 49 percent stake. The channel will be a part of NDTVs city-focused bouquet of channels, and will be called MetroNation Chennai.