Turner International Picks Up Minority Stake In Miditech; ICICI Ventures Gets An Exit
By Nikhil Pahwa - Wed 12 Dec 2007 06:46 AM PST
This just in: Turner International has acquired a minority stake television production company Miditech. The stake includes all the shares held in Miditech by ICICI ventures. Turner and the Alva Brothers (the holding company and promoters of Miditech) have also entered into an agreement for a 50:50 joint venture that will launch a General Entertainment Channel in Hindi, targeting the urban Indian audience. Miditech was among the production houses that Turner had signed up for it’s animation foray in India. Readers will remember that Miditech was aggressively eying the digital media space, and was reportedly in talks with international players for a co-branded broadband content portal. The company had set up Bangalore as the base for its new media initiatives, appointing Milind Naik, former Cricinfo CTO as the CTO.
Update: The Economic Times pegs Turner’s stake at in Miditech at 26 percent, while the Hindu reports that it’s 30 percent. No official word on this yet.
Posted in: JV & Investment
