Balaji Telefilms and Nine Networks, a wholly owned subsidiary of HFCL-Nine Broadcasting, have decided to call off the high-profile merger. Both the companies on Wednesday formally announced the decision not to go ahead with the merger. The boards of Balaji Telefilms and HFCL-Nine Broadcasting met on Wednesday to deliberate on the issue and reviewed the strategic alliance.
However, despite a break-up of merger plans, Balaji would continue to be content provider for the Nine Gold slot on DD Metro. In a joint statement, the companies said HFCL-Nine would focus on existing broadcasting activity and not go in for acquisition of stake in content production companies.
Balaji Telefilms clocked revenues of Rs 34.5 core in the first nine months of 2000-01 with a net profit of Rs 6.5 crore. It had turnover of around Rs 20 crore in 1999-2000. Balaji produces several hit serials on the small screen, including Kyunki Saas Bhi Kabhi Bahu Thi and Kahani Ghar-Ghar Ki on STAR Plus, Kusum on Sony and Hum Paanch on Zee.