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Balaji Telefilms to invest Rs600 mn in Star venture

Balaji Telefilms to invest Rs600 mn in Star venture
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First Published: Fri, Apr 20 2007. 03 21 PM IST
Updated: Fri, Apr 20 2007. 03 21 PM IST
By livemint.com
Mumbai: Star Group Ltd (Star) and Balaji Telefilms Ltd (Balaji) announced a joint venture on 20 April to create a leading television network of regional language general entertainment channels. Initially, the target will be at the fast growing South India market. The joint venture (JV), 51% owned by Star and 49% by Balaji, will be headquartered in Chennai.
Under the JV, the two companies will combine their resources to infuse VIJAY with Balaji content. The venture also targets at launching a Telugu channel by the last quarter of the year. Channels in Kannada, Malayalam and other key regional languages will be launched within the next two to three years.
Star will be responsible for the operations of the joint venture channels while Balaji has been creating top-rated shows in various languages for the past eight years and will produce regional language shows exclusively.
Paul Aiello, chief executive officer of STAR said, “We are thrilled with today’s announcement as it marks an important step in the acceleration of our expansion in the regional markets. Balaji is a production powerhouse in the country with incredible accomplishments in producing top-rated shows. This new partnership agreement allows us to tap into its regional language production capability and have immediate access to a wealth of programming that is compelling and relevant to the viewer. I believe we have forged the perfect partnership to expand into these fast growing and important markets.”
Jeetendra Kapoor, chairman, Balaji Telefilms Ltd said, “We are excited about this opportunity to strengthen our relationship with Star. We believe that combining the expertise and resources of the two companies will enable us to create the leading regional language TV network in the country. This new partnership also helps realise our ambitions to go upstream by taking a stake in the broadcast business. I am confident that our investment in this JV will generate significant value for our stakeholders.”
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First Published: Fri, Apr 20 2007. 03 21 PM IST