Anand Bazar Publications Group and Rupert Murdoch-owned Star Group on Friday announced a joint venture for broadcasting Star News in India in which the Bengali publishing house would have a majority stake of 74 per cent.
The joint venture in Media Content and Communication Services, which is in compliance with the revised government guidelines, will have Star taking a 26 per cent stake in the augmented paid-up equity share capital, a joint press release said in New Delhi on Friday.
Consequent to it, MCCS will now file a revised application with the Government of India for uplinking Star News from India, it said, adding that the board of directors of MCCS is being reconstituted.
Ravina Raj Kohli will be the president of Star News and Sanjay Pugalia continues as News Director of the Channel.
An agreement to this effect was signed between the parties in Mumbai.
"The alliance is in line with the ABP's Group strategy to get into the fastest growing media space from our traditional expertise in print media. Our partnership with Star Group will enable us gain in terms of scope, scale and influence," A Lahiri, MD, ABP said.
"Our partnership will be a stepping stone into a positive future for our viewers, advertisers, cable operators and all stakeholders," Peter Mukerjea, CEO, Star India, said.
