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Mid-Day Multimedia is looking at roping in a strategic financial partner to co-fund the new television channel it plans to launch by early 2004. The cost of the channel is pegged at around Rs 50 crore (Rs 500 million).
Manajit Ghoshal, chief financial officer of Mid-Day Multimedia, said: "We are planning to launch our television channel next year. It will be part-financed by a strategic alliance."
He added that the company would prefer a non-media financial partner as the content control of the channel will then remain with Mid-Day. "It is too soon to disclose the details of the alliance," said Ghoshal.
The channel will focus on local news, besides having some entertainment programmes. "In the entertainment section, we are also looking at a film project, for which shooting is likely to commence in March. Once the financial arrangements are made, the project should be on its way," Ghoshal said.
The formal announcement of the launch of the channel came after the board approved the company's initiative into the business of production, distribution, commissioning, acquisition of copyrights for films, and starting a television channel.
On the uncertain status of television channels due to the conditional access system, Ghoshal said: "Although we haven't taken a final decision on the matter, the channel will most probably be a paid one."
Mid-Day has an existing television production division that has been producing Mumbai First, Zee News' capsule on daily events in the city, since the past three weeks. It has also been supplying content for news on Sahayadri channel for the last 10 weeks.
"Before we launch the independent channel, we want to gain experience by ramping up our activities on some of our existing platforms," said Ghoshal.
The group is in talks with two other national news channels, for content contributions, he added.