Rupert Murdoch makes a solid comeback, acquires VCCircle and Screen in India
Deal size of both the transactions was not disclosed
Mumbai: Media mogul Rupert Murdoch continues to strengthen his presence in India with acquisition of financial information provider VCCircle Network by News Corp and film magazine 'Screen' by 21st Century Fox's wholly owned subsidiary Star India.
In July 2013, News Corporation completed the separation of its business into two independent companies - 21st Century Fox and News Corp. Post the separation, Star India became a wholly-owned subsidiary of 21st Century Fox.
On Monday, Star India, announced it will acquire the Screen brand franchise, including all archival material and transfer of key employees, as part of its pact with the Indian Express Group.
On the other hand, as per its agreement with Mosaic Media Ventures, News Corp will acquire VCCircle Network, which includes VCCircle.Com, Techcircle.In, VCCEdge, VCCircle Training, in addition to a premium-content driven conference business. Deal size of both the transactions was not disclosed.
Commenting on the acquisition of Screen, Star India Chief Executive Uday Shankar said it would yield huge benefits for the company and Hotstar, its digital platform. "Screen is a strong and reputable franchise and gives us access to the entertainment editorial suite and the tinsel world, where news that shapes trends is made by film stars, directors and producers," he said.
The deal will allow Star India to strengthen and expand the content brand online while taking the awards platform to the next level, Shankar added. "There are strong synergies and the combination of the quality content and awards franchise with Star's presence across television and digital platforms is strategic and scalable," he said.
Sources said Star India is unlikely to continue with the print edition of the publication. Indian Express Group Chairman and Managing Director Viveck Goenka said: "We have built this business with a lot of passion and are confident that Star will nurture it and take it to greater heights."
Founded in 1951, the Screen publishes a popular periodical focused on the film and entertainment industry and also owns the popular film awards franchise by the same name. Star has built one of the largest media and entertainment network in the country, reaching over 700 million viewers with nearly 40 channels in seven languages.
News Corp said it had signed a definitive agreement to acquire media firm VCCircle Network. Sources said the deal was worth around Rs 100 crore.