Balaji, Star terminate shareholding, JV agreements

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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