Media production house Balaji Telefilms denied specific intention of selling a stake in its digital business to a global company, the company informed via a notification on the Bombay Stock Exchange. Earlier in the week it was reported by ET Now that Balaji Telefilms was in talks with a global firm to sell a 20 percent stake, and the deal valued Balaji’s digital business at Rs 900 crore.
“The company in its normal course of business, keeps exploring various opportunities to enhance shareholder value, including fund raising opportunities,” Balaji Telefilms said.
Balaji Telefilms also added that it is working towards getting the necessary approvals from its shareholders to raise funds of Rs 250 crore.
ALT Digital Media Entertainment
In August, the company announced the launch of “ALT Digital Media Entertainment Limited”, as the groups foray into the digital content business, and “the next growth driver for the Company.” The launch of ALT Digital Media will take place in early 2016. Balaji says it will move “beyond the current themes of television entertainment to set a new bench-mark with younger, edgier and smarter contemporary content that merits a different medium”
This is the groups second attempt at digital: it had first launched a series of digital initiatives a little over five years ago, in June 2010, with a show called Bol Niti Bol, which was similar to a YouTube success that time called LonelyGirl15.
In 2011, Balaji Telefilms sold its mobile content production business for a total of Rs 8.37 crore to an undisclosed party.