Saturday, Sep 20, 2003
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By Our Special Correspondent
This strategic alliance will bring one of India's leading print media houses, the ABP Group into full-fledged partnership with a premium news channel. Star is one of Asia's leading media groups with a leading position in the Indian television market.
Under the agreement, in compliance with the revised government guidelines, ABP would take a 74 per cent stake and Star 26 per cent, in the augmented paid-up equity share capital of MCCS. "The board of directors of MCCS is being reconstituted," stated a joint press release issued here today by ABP and Star. Ravina Raj Kohli, will be the President of Star News. Sanjay Pugalia continues as News Director of the Channel. "Consequent to the above, MCCS will now file a revised application with the Government for uplinking Star News from India," it added.
"This alliance is in line with the ABP Group's strategy to get into the fastest growing media space from our traditional area of expertise, which is print media," said A. Lahiri, Managing Director of ABP.
"Our partnership with the Star Group will enable us gain in terms of scope, scale and influence. In turn ABP's 80 years of history and expertise in content making will add value to Star News," Mr. Lahiri added.
Commenting of the alliance, Peter Mukerjea, CEO, Star India, said, "In ABP we found a strong media partner that shares our vision for Star News, providing Indian viewers, news that is unbiased and relevant to our country.
"We have great faith and confidence that a partnership such as this of two leading media companies will be a stepping stone into a positive future for our viewers, advertisers, cable operators and all stake holders."
"Star News is India's first 24-hour news channel and reports news relevant to today's Indians," the joint press release claimed. The 24-hour news channel is 100 per cent Hindi, it added.
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