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TV Today negotiating with StanChart to offload 10% equity

16-February-2001
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TV Today negotiating with StanChart to offload 10% equity

TV Today is negotiating with Standard Chartered Grindlays Bank to offload 10 per cent of the company’s equity. Earlier, when TV Today had been hived off as a separate company from Living Media India, ICICI had picked up a 10 per cent stake in the company with a valuation of Rs 120 crore for the media business. TV Today is looking at an enterprise value of around Rs 250 crore, while some FIs see a valuation ranging between Rs 200-225 crore.

Meanwhile, TV Today plans to launch another two news channels over the next two years after the Hindi channel stabilises. The group is targeting the Punjabi and Bengali language markets. The company expects to begin uplinking the Aaj Tak channel via its own earth station within a month’s time. Being a 100 per cent Indian company, it has obtained a licence as a private satellite gateway.

To make the news channel competitive, the stress is on providing additional visual footage. The company has set up 20 news bureaus and is in the process of adding another 18.

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