Discovery Communications buys majority stake in FoodFood
The focus will be on improving FoodFood’s distribution and sales with Discovery taking over responsibilities for the channel’s advertising.
Published - 13-May-2016
Discovery Communications has bought majority stake in celebrity chef Sanjeev Kapoor’s TV channel FoodFood, the two announced today. FoodFood was launched in 2011 via Turmeric Vision Pvt. Ltd as a JV between Sanjeev Kapoor, Astro Overseas Ltd and Mogae Consultants. Arthur Bastings, President and MD of Discovery Networks APAC, told us that post this investment, Sanjeev Kapoor will retain a minority stake. Exact financial details of the investment were not revealed. The acquisition is subject to regulatory approvals.
The focus, said Bastings, will be on improving FoodFood’s distribution and sales with Discovery taking over responsibilities for the channel’s advertising. Sanjeev Kapoor will continue to oversee programming for the channel while acting as its brand ambassador.
“This is, hopefully, the first of a number of initiatives we will announce to expand in India. We have an ambition to grow it (FoodFood) and so we will make investments in the channel. We can improve the distribution and also help in marketing but we want to underscore that it is already an asset for us,” said Bastings.