IndianMascot
Core Member
The Competition Commission of India (CCI) has approved Rupert Murdoch-owned News Corp’s acquisition of ESPN’s interest in Asian sports broadcasting joint venture company ESPN STAR Sports (ESS).
In June, ESPN, owned by The Walt Disney Company, and STAR, owned by News Corp, had called off their joint venture (JV), 16 years after it was formed. The two companies had entered into a definitive agreement under which STARTV-ATC, an indirectly wholly-owned subsidiary of News Corp, was scheduled to acquire ESPN’s 50 per cent equity in ESS. The proposed acquisition would result in a change in ownership of ESS India subsidiaries. The deal also meant News Corp would have complete control over ESS, which operates 25 television networks and three broadband networks covering 24 markets in Asia, while Disney would exit the sports segment in Asia.
Earlier, STARTV-ATC had appointed Dhall Law Chambers, headed by former CCI chairman Vinod Dhall, to file the pre-merger statement with CCI.
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In June, ESPN, owned by The Walt Disney Company, and STAR, owned by News Corp, had called off their joint venture (JV), 16 years after it was formed. The two companies had entered into a definitive agreement under which STARTV-ATC, an indirectly wholly-owned subsidiary of News Corp, was scheduled to acquire ESPN’s 50 per cent equity in ESS. The proposed acquisition would result in a change in ownership of ESS India subsidiaries. The deal also meant News Corp would have complete control over ESS, which operates 25 television networks and three broadband networks covering 24 markets in Asia, while Disney would exit the sports segment in Asia.
Earlier, STARTV-ATC had appointed Dhall Law Chambers, headed by former CCI chairman Vinod Dhall, to file the pre-merger statement with CCI.
Read More . . . .