Triveni Media has had a tough time in the wake of the economic slowdown. This media arm of the Triveni Infrastructure Group was the first to have cut it costs sharply and that had included laying-off a significant chunk of its work force as well. Many in the industry had even written off the company. It was known that Triveni Media was on the lookout for a buyer, and the search is finally over.
Amit Sinha has confirmed to exchange4media that he has taken a 50 per cent stake in Triveni Media. He said, “The deal is finalised between Madhur Mittal and me – Triveni Media’s ownership would be shared by both of us, which is 50 percent each.” Even though Sinha did not divulge any details on the deal or on the amount paid for this stake, he did state that he would be joining the company as the Director and CEO.
It is interesting to note that this is the third change at the CEO position at Triveni Media in the last seven months --- Rahul Kulshreshtra had quit the company around then, Ravi Shankar was the next man in, and now it is Amit Sinha.
Sinha though is charged for the role ahead. In a conversation with exchange4media, he said, “I decided to take a stake in this channel because I see Indian media growing everywhere. There are many channels that are launching, and foreign players are coming to India too. I am sure that we will also do well, and change the entire scenario.”
He added, “I am very excited with this deal. We are changing the entire system of the channels. Now we are on Reliance Big TV, Dish TV, Tata Sky and all the DTH service provides. This is the first time that you will see the VOI channel at the Mumbai Airport as well. We are showing on TAM numbers as well now, and I am sure that we will grow.”
It is learnt that Madhur Mittal, MD and CEO of Triveni Group had communicated the development to the Triveni officials in an internal mail sent on June 8, 2009. The mail stated the “strategic decisions that have been taken to streamline operations keeping in view the long term plans of the company, and that the “following restructuring has come into force with immediate effect”. The mail quoted: “Mr Amit Sinha is being introduced to the Board as ‘Director & CEO’ of TML. I am sure that VOI would set high benchmarks under his guidance and philosophy. I count all of you on your continued support to make VOI a success. All team members of VOI will report through their respective HOD’s to Amit Sinha.”
Amit Sinha brings over 18 years of media experience to the venture.
(Inputs from Manish Ranjan)