Rupert Murdoch-run Star India acquired entertainment magazine Screen from the Indian Express group, reports the Press Trust of India. As a part of deal, Star will get exclusive ownership of the 64-year-old Screen brand franchise including all archival material and transfer of key employees, and the publication added that it would be ending the print edition of the magazine and will move online.
The details of the deal was not disclosed but the Economic Times pegs the deal size to be around Rs 30-40 crore. It’s worth noting that Star India is 20th Century Fox company and in June 2013, Murdoch officially split his empire into two separate companies, separating News Corp.’s print entities from its broadcast and entertainment operations which got housed under 21st Century Fox.
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 acquiring a 19% stake in Vijay TV after the government had cleared Vijay TV’s Rs 962 crore FDI request for acquiring existing domestic shareholding in the non-news channel.
News Corp has also acquired specialty media business VCCircle for an undisclosed amount, the company has announced. VCCircle operates two online news publications – VCCircle.com and Techcircle.in – and monetizes largely through events such as conferences and training workshops.