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New Delhi: Star HS Ltd, an affiliate of media and entertainment conglomerate Star India, has sold its 50% stake in television shopping company Star CJ Network India Pvt. Ltd to private equity firm Providence Equity Partners, the companies said in a statement on Thursday.

Star CJ was a joint venture between Star and South Korean home shopping company, CJ O Shopping Co. Ltd, formed in 2009. Providence will now be an equal partner in Star CJ along with the Korean company.

The value of the deal remained undisclosed, however, Star CJ said it will continue to use Star’s brand for the next one year.

Star CJ operates a 24x7 home shopping channel called Star CJ Alive and also sells via its web portal starcj.com where third-party sellers list their products for sale.

CJ O Shopping anticipates “accelerating" growth as it shakes hands with a new partner.

“Star India has been a close and valued partner for CJ O Shopping in building Star CJ into a premier home shopping platform in India. CJ O Shopping looks forward to accelerating Star CJ’s growth and believes Providence will be a fantastic partner for the next chapter in this journey," said Kim Yun Koo, executive vice president of CJ O Shopping, in the statement.

Biswajit Subramanian, managing director of Providence India, said, “We look forward to working with the Star CJ team and adding lasting value to the company in the years ahead.

Providence, which manages funds worth $40 billion, focuses on media, communications, education and information investments.

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