International broadcaster Turner is boosting its presence in the India TV market by entering into a partnerhsip with Miditech Pvt. Ltd to launch a Hindi channel.
According to Exchange4Media, the holding company of Miditech, 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 Turner۪s 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 Turner۪s 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 Brothers۪ in-depth understanding of Indian audience۪s entertainment needs, and Turner۪s expertise in operating broadcast networks globally. The venture will be managed by both partners.
No information on the content, launch date as well as name of the channels was divulged.
Incidently Turner International already holds a 26 per cent distribution stake in ZEE Entertainment Enterprises in the form of ZEE Turner, as well as operating Cartoon Network and Pogo