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SET, Discovery agree on 74:26 equity shareholding for distribution JV

06-April-2002
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SET, Discovery agree on 74:26 equity shareholding for distribution JV

SET India (Sony Entertainment Channel) and Discovery Communications India (Discovery Channel) have decided on a 74:26 equity shareholding pattern for their proposed downstream joint venture for distribution of audio-visual programming.

Under the agreement, both SET and Discovery will have the option to convert the subsidiary into a 100 per cent company in the future if either of the companies wishes to sell all or part of its shareholding in the joint venture.

The proposed company will, in the beginning, provide services for cable and satellite channels like. In the future, it may provide such services to other cable or satellite channels as per the prevalent laws.

According to industry sources, SET will invest Rs 5 crore in the joint venture's paid-up capital of Rs 6.58 crore, the remaining being pumped in by Discovery. The dividends from the proposed joint venture will flow back to SET India and Discovery India, respectively.

Sony Picture Entertainment holds a 60.57 per cent shareholding in SET India through its two Mauritius-based subsidiaries -- SPE Mauritius Holdings Ltd and SPE Mauritius Investments Ltd.

Discovery Communications India is a 100 per cent foreign held company. Discovery Channel (Mauritius) holds 98 per cent, Discovery Communications Ltd, LLC, US, has 1 per cent and Discovery Production Inc, US, has the balance 1 per cent.

Source: Business Standard

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