Adopting a 'string of pearls' strategy to strengthen its presence in India, Rupert Murdoch-led News Corp on Monday announced back-to-back acquisitions of film magazine 'Screen' and financial information provider VCCircle.
News Corp's Indian arm Star India will get exclusive ownership of 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, the company 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 said. "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. Earlier in the day, 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. Commenting on the announcement, News Corp Chief Executive Robert Thomson said: "India is an increasingly meaningful part of our portfolio, which is itself increasingly digital and global.
This important investment is a sign of our faith in India's future and our enthusiasm for working with and building up emerging talents in the country." VCCircle Network is owned by Mosaic Media Ventures and has about 100 employees across India, with its headquarters in Noida.
VCCircle Network Founder and CEO P V Sahad and the management group will become part of News Corp's India team. Sahad will report to News Corp Senior Vice President (Strategy) Raju Narisetti, the statement said.
In November 2014, News Corp had acquired 25 per cent stake in Indian realty portal PropTiger.com for USD 30 million (Rs 185 crore) as part of its strategy to expand presence in digital media.
It had picked up stake in Singapore-based Elara Technologies Pte Ltd, the parent firm of PropTiger.com. In the following month, News Corp announced acquisition of BigDecisions.com for an undisclosed sum. The portal was set up by Manish Shah and Gaurav Roy in early 2013.
Indian Express stock price
On October 10, -, Indian Express Newspapers closed at Rs 1.00, up Rs 0.00, or 0.00 percent. The 52-week high of the share was Rs and the 52-week low was Rs .
The company's trailing 12-month (TTM) EPS was at Rs per share as per the quarter ended March 2015. The stock's price-to-earnings (P/E) ratio was 0. The latest book value of the company is Rs per share. At current value, the price-to-book value of the company is 0.00.
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