IndianMascot
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Rupert Murdoch-run News Corp. may be exiting its home shopping joint venture in India, as the company’s television business in the country seeks to intensify its focus on entertainment and sports.
Star Asia could sell its stake in the equal joint venture with South Korean home shopping company CJ O Shopping Co. Ltd, according to at least four people with knowledge of the matter, all of whom spoke on condition of anonymity as the deal hasn't been finalized.
The 50% stake in Star CJ Network India Pvt. Ltd may be sold to Providence Equity Partners, according to those cited above.
Providence Equity Advisors’ India managing director Bis Subramanian said, “As a policy, we do not comment on market reports about investments, whether or not we are considering them.”
Star India Pvt. Ltd executives declined comment.
According to two of the people cited above, the acquirer may pay a total of Rs.300 crore, which will also include additional investments to be made in the venture. This couldn't be independently verified.
The move is in line with Star’s plan to exit from non-core businesses, said three of the people cited above.
“We are exiting from our partnership with CJ. We want to focus on our primary business of television broadcast in entertainment and sports,” said one, who works with Star. “We are in the market and are in talks with interested investors.”
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