Ekta’s Balaji to end its saga with Star Group

Balaji Telefilms has decided to end its four-year old association with Star group owned by Rupert Murdoch.

Balaji Telefilms has decided to end its four-year old association with Star group owned by Rupert Murdoch. As per an agreement reached between the two parties and approved by Balaji Telefilms’ board, the promoters of the Indian company would be allowed to buy back 25.99 per cent stake from Asian Broadcasting FZ-LLC (ABF), an associate of the Star group, within eight months, failing which these shares could be sold to any non-competing entity.

Balaji promoters — the Kapoor family — are entitled to purchase the entire shareholding held by ABF in the company for an average price of Rs 190 per share, within a period not exceeding 240 days. At the agreed price of Rs 190 per share, which represents a premium of 9.8 per cent over the current market price, ABF’s holding would be worth Rs 322 crore.

However, six existing shows produced by Balaji and currently on air with ‘Star Plus’, would continue on terms mutually agreed upon by the two parties. Besides, Balaji and Star have also agreed to terminate another regional language JV agreement signed in April 2007, the company said. The content supply agreements with Star for various shows produced by the company would also be modified to remove restrictions imposed on Balaji relating to exclusivity on certain prime time slots.

The agreement was signed between Star Group, ABF, Balaji Telefilms and its promoters actors Jeetendra Kapoor, Shobha Kapoor and Tusshar Kapoor and Ekta Kapoor. “If the purchase does not happen in the prescribed period, ABF is entitled to sell its shares in the company to any person other than a competitor of the company,” the firm said.

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