Star India today ended its brand association with Media Content & Communication Services Pvt Ltd (MCCS) the company floated in 2003 under a joint venture with Kolkata-based Ananda Bazar Patrika (ABP) Group. The three TV news channels operating under MCCS Star News in Hindi,Star Ananda in Bengali and Star Majha in Marathi have now been rechristened ABP News,ABP Ananda and ABP Majha.
Star,however,continues to remain part of the JV in which it owns 26 per cent stake while the rest is owned by the ABP Group. It is only the Star brand name that Star India has withdrawn, said Ashok Venkatramani,CEO,MCCS. The financial partnership is up for a review in June 2013 and according to insiders,the two partners are set to dissolve the JV.
Given the current regulatory environment and structural issues ailing the Indian cable and satellite television market and the news genre in particular,Star took this extremely difficult decision to withdraw its brand from the genre, Star India said. In a statement,ABP said: The core business of the ABP is news and it wishes to promote and establish its own brands in the broadcast news space through its subsidiary company MCCS.