Media conglomerate NewsCorp may look at divesting stake in some of its businesses in India, said Chairman Rupert Murdoch. The world's 109th richest man, worth $8.3 billion according to the Forbes 400 ranking, had announced a $100-million investment plan during his recent visit to India.
On the question of further investments in existing properties during a conference call with investors a few days ago, Murdoch said, "No, in fact, we're looking at a couple of small divestments at the moment. We'll be opportunistic if things turn up that can't be resisted, but we don't see very much at the moment."
Non-starrer
- Rupert Murdoch had announced a $100-mn investment plan during his recent visit to India
- But Star wants to offload its 26% stake in Balaji Telefilms
- Murdoch has investments across media and entertainment businesses in India
Murdoch has investments across media and entertainment businesses in India, which include news broadcasting venture, direct-to-home business, a cable company and television production companies of the Star Group. It has formed a 20:80 joint venture with the Tatas to enter the direct-to-home business. It also holds a 26 per cent stake in the Raheja Group's multi-system operator, Hathway Cable.
In 2003, Murdoch formed a joint venture, Media Content and Communications Services India, with Aveek Sarkar-promoted Ananda Bazar Patrika to launch a regional news channel, in which Star holds a 26 per cent stake.
Under the joint venture, Murdoch operates Hindi news channel Star News, Marathi news channel Star Majha and Bengali news channel Star Ananda.
Star wants to offload its 26 per cent stake, owned through Asian Broadcasting, in television production company Balaji Telefilms. Consequently, Star-Balaji's joint venture formed last year to launch regional entertainment channels has been aborted.
However, nothing has been made official as yet. Murdoch has plans to buy 20 to 26 per cent in the Sakaal Group's upcoming Marathi news channel, Saam TV, slated for an August-15 launch. This is a part of his proposal to invest around $100 million in six regional channels in India within a year.
Murdoch is also planning a foray in the print media in India in association with the Sakaal Group - though the Australian-born billionaire had told reporters recently that he had no plans to invest in an incumbent newspaper publisher in the country, owing to a 26 per cent limit on foreign investment in media.
Sources said Murdoch intends to launch Asian Wall Street Journal and the widely-read tabloid, The Sun, with another joint venture partner.
Murdoch and the Sakaal Group are also in advanced negotiations to launch a home shopping channel in association with Korean network CJ.
