In order to expand its footprint across the southern states that generate about 45 per cent of the overall television advertising revenue per annum, leading media company Star TV has acquired a majority stake in Rajeev Chandrashekhar’s Jupiter Entertainment, thereby forming Star Jupiter.
Through this joint venture, Star TV will acquire a majority stake in leading Malayalam channels Asianet, Asianet Plus, Kannada channel Suvarna and Telugu Channel Sitara. Star Jupiter will also own Tamil channel Star Vijay as well as any future general entertainment channels for south Indian audience, a statement from Star TV said.
“Under the agreement and subject to regulatory approvals, Star Jupiter will become the majority shareholder of Asianet Communications (ACL) which currently broadcasts channels in Kannada (Suvarna), Telugu (Sitara) and Malayalam (Asianet, Asianet Plus),” said a company statement.
The joint venture is expected to make additional investments towards developing and launching new channels in South India in the coming months.
Paul Aiello, CEO, Star, said, “This is a game changing partnership for Star. It allows us to connect deeply with the rapidly growing south Indian audience by providing compelling television that truly resonates with the viewers there. And by adding the South Indian channels to our extensive portfolio of Hindi and regional language channels, Star takes a big step towards becoming a truly national broadcaster in India.”
Rajeev Chandrasekhar said, “I am very excited by this joint venture and partnership, which will potentially transform the entertainment television business in India. Star has impressed me with its commitment to this market, to its consumers and to its partnership with Jupiter...”
Uday Shankar, CEO of Star India said, “South India represents the next big growth story for Indian television. With this strategic partnership, we should be able to capture this growth opportunity and create a much bigger platform for creative talent that would offer the South Indian market a lot more exciting content.
