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Star HS Ltd., an affiliate of media and entertainment conglomerate STAR India, has completed the sale of its 50% stake in STAR CJ Network India Pvt. Ltd., the home shopping joint venture with Korea's CJO Shopping Co. Ltd. Star's stake has been acquired by Providence Equity Partners LLC.
Providence is the world's leading private equity firm focused on media, communications, education andinformation investments. The firm manages funds with $40 billion incommitments and has invested in more than 140 companies globally since its inception in 1989.
Uday Shankar, CEO, STAR India said,"STAR CJ provides world class home shopping experiences toconsumers in India and has been a valuable investment for us. We and CJ have enjoyed an excellent working relationship and we expect thisto continue unaffected by the sale." Biswajit Subramanian, Managing Director of Providence India said, "Providence is excited about partnering with CJ O Shopping, a global leader in TV home shopping. The significant TV home shopping market opportunity in India, STAR CJ's strong management team and CJ's deep domain expertise, all makethis a compelling opportunity for us. We look forward to working withthe STAR CJ team and adding lasting value to the company in the years ahead."
Uday Shankar, CEO, STAR India said,"STAR CJ provides world class home shopping experiences toconsumers in India and has been a valuable investment for us. We and CJ have enjoyed an excellent working relationship and we expect thisto continue unaffected by the sale." Biswajit Subramanian, Managing Director of Providence India said, "Providence is excited about partnering with CJ O Shopping, a global leader in TV home shopping. The significant TV home shopping market opportunity in India, STAR CJ's strong management team and CJ's deep domain expertise, all makethis a compelling opportunity for us. We look forward to working withthe STAR CJ team and adding lasting value to the company in the years ahead."
Kim Yun Koo, Executive Vice Presidentof CJ O Shopping said, "STAR India has been a close and valued partner for CJ O Shopping in building STAR CJ into a premier homeshopping 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." STAR CJ Network India Pvt. Ltd. (STARCJ), formed in 2009 as a 50:50 partnership between STAR and CJ, is apart of CJ O Shopping Co. Ltd. of South Korea, the world's second-largest home shopping network.
STAR CJ operates a 24x7 homeshopping channel called "STAR CJ alive" and provides a web-based portal www.starcj.com to third party sellers who list their products for sale, reaching more than 50 million households and having added 5 million shoppers to its network within four and a half years of its operation.STAR CJ will continue to use STAR's brand for up to one year.
STAR CJ operates a 24x7 homeshopping channel called "STAR CJ alive" and provides a web-based portal www.starcj.com to third party sellers who list their products for sale, reaching more than 50 million households and having added 5 million shoppers to its network within four and a half years of its operation.STAR CJ will continue to use STAR's brand for up to one year.
Kenny Shin, CEO of STAR CJ said "Weare happy to have Providence as our strategic and financial partner.It has been a pleasure and delight to deal with such a highly professional investment firm that shares our vision and understanding of the media as well as the home shopping industry. We are glad tocement this joint venture."
