Holding company Alva Brothers, the promoter of Miditech Pvt. Ltd, and Turner International have entered into a partnership to launch an entertainment channel in Hindi, and then in other Indian languages, targetted at the urban Indian audience. The holding company, in which brothers Niret and Nikhil Alva have 100 per cent stake, will now incorporate their existing production company Miditech and the new broadcast venture as subsidiaries.
While the Alva brothers and Turner’s stake in Miditech is in the ration of 71:29, there would be 50:50 sharing of stakes in the forthcoming broadcast venture, which is yet to be named.
The 29 per cent stake of Turner’s in Miditech would also include all shares previously held by ICICI Ventures. The partners are currently seeking all regulatory approvals. The new broadcast entity will leverage the Alva Brothers’ in-depth understanding of Indian audience’s entertainment needs, and Turner’s expertise in operating broadcast networks globally. The venture will be managed by both partners.
Miditech will continue to be an independent content producer, focused on creating winning content for all broadcasters and corporate clients.
Commenting on the partnership, Niret Alva, Co-Promoter, Alva Brothers, said, “The relationship with Turner reaffirms the confidence Miditech enjoys in the marketplace. It will enable Miditech to independently widen the scope and depth of its innovative creative services to broadcasters and related customers. It is the beginning of a new journey of leadership for quality and imaginative content.”
“The partnership with the Alva Brothers further strengthens Turner’s presence in one of the most dynamic media markets in the world. This is our first foray in the general entertainment space in India, and we are confident that this powerful partnership, drawing on the strengths of both partners, will deliver ground-breaking quality programming to Indian audiences,” added Anshuman Misra, Managing Director, Turner International India Pvt. Ltd.
Nikhil Alva, Co-Promoter of Alva Brothers, commented, “Entering the broadcasting arena with the global expertise of Turner begins an exciting new chapter for the Alva Brothers. The channel will provide fresh alternative content to an increasingly discerning audience. We are confident that with our proven track record in the Indian media industry, the differentiated offering will appeal to the audience targeted.”
No information on the content, launch date as well as name of the channels was divulged.
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