wordpress blog stats
Connect with us

Hi, what are you looking for?

Star India sells its 50% stake in Star CJ Network to Providence Equity Partners

Star CJ logo

Star India has exited from its home shopping joint venture Star CJ Network India Ltd by selling its 50% stake to the private equity firm Providence Equity Partners for an undisclosed amount, reports PTI.

While the terms of the deal were not disclosed, Star CJ has informed that it will continue using the Star CJ brand for 12 months, following which it will be rebranding the company.

Star India had earlier formed a 50:50 joint venture with South Korean firm CJ Shopping to launch Star CJ Network in March 2009. Both the companies have reportedly invested $55 million in the venture. It started off as a six hour slot on Star Utsav channel and later launched a 24-hour channel Star CJ Alive in 2010.

It also launched an online marketplace StarCJ.com in February 2011, allowing third party sellers to offer products across various categories like electronics, fashion, kitchen, home decor, jewelry and furniture among others. The company had apparently reported a total sales of around $101 million in the previous year.

HomeShop18 IPO: This move comes at a time when Star CJ Network’s competitor HomeShop18 has filed for a $75 million IPO at the New York Stock Exchange, via its venture NW18 HSN holding. Earlier this month, HomeShop18 CEO Sundeep Malhotra had informed that the IPO is still on track, despite Reliance Industries’ acquisition of Network18.

Advertisement. Scroll to continue reading.

Interestingly, CJ Shopping is positioning this deal with Providence as a growth opportunity for Star CJ Network to take on HomeShop18. It’s worth noting that Providence had also acquired a majority stake in the German home shopping venture Home Shopping Europe (HSE24) from AXA Private Equity in July 2012.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Due to the scale of regulatory and technical challenges, transparency reporting under the IT Rules has gotten off to a rocky start.

News

Here are possible reasons why Indians are not generating significant IAP revenues despite our download share crossing 30%.

News

This article addresses the legal and practical ambiguities in understanding the complex crypto ecosystem in India.

News

It is widely argued that the PDP Bill report seeks to discard the intermediary status of social media platforms but that may not be...

News

Looking at the definition of health data, it is difficult to verify whether health IDs are covered by the Bill.

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

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...

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...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ