Dinesh jain
Contributor
- Joined
- 3 Feb 2014
- Messages
- 13,547
- Reaction score
- 13,957
Star India has got $63 million for
offloading its entire 50 per cent stake in Star CJ
Network India to Providence Equity Partners, a
source said.
Star is believed to have invested $70 million in
the venture. Star decided to exit from the home
shopping network JV as it was not core to its
entertainment broadcasting business.
As per the deal between Star and Providence,
Star CJ will continue to use the Star brand for up
to one year.
Star CJ Network was formed in 2009 as an equal
joint venture between Star India and Korea’s CJ
O Shopping. The company operated a home
shopping channel called Star CJ Alive and
provided a web-based portal starcj.com to third-
party sellers who list their products for sale. The
portal reaches more than 50 million households
and has added 5 million shoppers to its network
within four and a half years of its operation.
Star CJ Network India CEO
Kenny Shin had said that the company plans to
launch a female lifestyle channel called Star CJ2
as part of its expansion plan. The company is
awaiting licence from the government to launch
the channel.
Shin had also underlined the fact that
Providence, which also has a controlling stake in
German home shopping network HSE24, is a
strategic and not just a financial investor.
He had also stated that Star CJ has a 45 per
cent share of the Rs 2,500 crore (Rs 25 billion)
Indian home shopping market.
Star CJ came into existence in September 2009
as a six-hour slot on free-to-air channel Star
Utsav. It later converted into a 24-hour shopping
channel in 2010.
Star, which is putting all its energies into its
sports and entertainment business, is intent on
exiting non-core businesses. Earlier, it had exited
from Hathway Cable & Datacom and news
broadcast JV Media Content and Communication
Services (MCCS). It is also looking to exit from
production house Balaji Telefilms where it holds
26 per cent stake.
Star gets mn for offloading 50% stake in Star CJ to Providence | TelevisionPost.com
offloading its entire 50 per cent stake in Star CJ
Network India to Providence Equity Partners, a
source said.
Star is believed to have invested $70 million in
the venture. Star decided to exit from the home
shopping network JV as it was not core to its
entertainment broadcasting business.
As per the deal between Star and Providence,
Star CJ will continue to use the Star brand for up
to one year.
Star CJ Network was formed in 2009 as an equal
joint venture between Star India and Korea’s CJ
O Shopping. The company operated a home
shopping channel called Star CJ Alive and
provided a web-based portal starcj.com to third-
party sellers who list their products for sale. The
portal reaches more than 50 million households
and has added 5 million shoppers to its network
within four and a half years of its operation.
Star CJ Network India CEO
Kenny Shin had said that the company plans to
launch a female lifestyle channel called Star CJ2
as part of its expansion plan. The company is
awaiting licence from the government to launch
the channel.
Shin had also underlined the fact that
Providence, which also has a controlling stake in
German home shopping network HSE24, is a
strategic and not just a financial investor.
He had also stated that Star CJ has a 45 per
cent share of the Rs 2,500 crore (Rs 25 billion)
Indian home shopping market.
Star CJ came into existence in September 2009
as a six-hour slot on free-to-air channel Star
Utsav. It later converted into a 24-hour shopping
channel in 2010.
Star, which is putting all its energies into its
sports and entertainment business, is intent on
exiting non-core businesses. Earlier, it had exited
from Hathway Cable & Datacom and news
broadcast JV Media Content and Communication
Services (MCCS). It is also looking to exit from
production house Balaji Telefilms where it holds
26 per cent stake.
Star gets mn for offloading 50% stake in Star CJ to Providence | TelevisionPost.com
