Balaji, Star terminate shareholding, JV agreements

Balaji, Star terminate shareholding, JV agreements
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First Published: Tue, Aug 19 2008. 04 33 PM IST
Updated: Tue, Aug 19 2008. 04 33 PM IST
Reuters
Mumbai: Balaji Telefilms Ltd said on Tuesday an agreement with Rupert Murdoch’s Star Group, Asian Broadcasting FZ LLC, through which Star held a stake in Balaji, has been terminated.
Balaji’s promoters are entitled to acquire Star Group’s 25.99% in Balaji at an average price of Rs190 each within 240 days, failing which Star would be free to sell it to any others except a competitor, Balaji said in a statement.
The two companies have also ended their agreement for regional language joint ventures signed in April 2007, Balaji said in a statement.
Mint first reported on 14 March that serious differences had risen between the two partners. On 7 June, it reported that Star could sell its stake in Balaji and on 5 August, the paper reported that Star and Balaji have finally reached an agreement to part ways.
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First Published: Tue, Aug 19 2008. 04 33 PM IST