DEN Networks on Wednesday said that it will be selling its 50:50 joint venture (JV) with Star India for Rs 40.35 crore. It must be mentioned that Star India and DEN had announced a joint venture in January 2008 to create a platform for distributing television channels in India through fixed networks.
The aim of this joint venture was to distribute the channels through cable, direct-to-home (DTH), internet protocol TV (IPTV), hypertext-induced topic selection (HITS) and multi-channel multi-point distribution service (MMDS).
In its filing to the BSE, DEN Networks said, "DEN Networks has entered into a share purchase agreement with Star India and Star Den for selling off its entire 50 per cent equity stake held in Star Den for a consideration of Rs 40.35 crore. Upon completion of the said share transfer to Star India, Den shall cease to be a shareholder in Star Den and the joint venture agreement executed among the parties shall stand terminated.”