Global media baron Rupert Murdoch raised his game in the digital space with two of his firms announcing major acquisitions in India.
Star India, a fully owned subsidiary of 21st Century Fox, announced the acquisition of Screen, an entertainment brand owned by The Indian Express Group while News Corp announced the signing of a definitive agreement to acquire VC Circle Network that operates several digital platforms as well as events and education initiatives primarily focussed on venture capital and private equity business in India.
In an announcement made on Monday, Star India said it was acquiring the entire Screen franchise that included the ‘Screen Awards’ besides the archives and the key employees of the Screen magazine. While Screen Awards will be integrated with Star, the broadcaster also intends to take the magazine online and exploit its content to strengthen its offerings over its new digital platform hotstar.
“Screen is a strong and reputable franchise and gives us access to the entertainment editorial suite and the tinsel world, where news that shapes trends is made by film stars, directors and producers,” said Uday Shankar, CEO, Star India.
Expressing confidence that Star will nurture the Screen brand built “with a lot of passion” by the Express Group, Viveck Goenka, chairman and managing director of the Group said: “We are delighted to enter into a transaction with Star India. Screen is one of the most reputed film and entertainment properties in the country. We have built this business with a lot of passion and are confident that Star will nurture it and take it to greater heights.”
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