New Delhi: Turner International (Turner), and Alva Brothers, owners of Miditech Pvt. Limited, have entered into a partnership to launch an entertainment channel in Hindi and other Indian languages, targeted at the urban Indian audience.
Additionally, Turner will also acquire the minority stake previously held by ICICI Ventures in Miditech.
Under the agreement, Turner and the Alva Brothers will each own 50 per cent of the broadcasting venture and be managed by both partners.
Miditech will continue to be an independent content producer, focused on creating content for all broadcasters and corporate clients.
''The relationship with Turner reaffirms the confidence Miditech enjoys in the marketplace,'' said Niret Alva, co-promoter of Alva Brothers. ''It will enable Miditech to independently widen the scope and depth of its innovative creative services to broadcasters and related customers. It's the beginning of a new journey of leadership for quality and imaginative content.''
''The partnership with the Alva Brothers further strengthens Turner's presence in one of the most dynamic media markets in the world. This is our first foray in the general entertainment space in India, and we are confident that this powerful partnership, drawing on the strengths of both partners, will deliver ground-breaking quality programming to Indian audiences,'' said Anshuman Misra, managing director, Turner International India Pvt. Ltd.
Ambit Corporate Finance Pte. Ltd. was the exclusive financial advisor to this transaction and Dua Associates was the legal advisor to this transaction.
Part of the Time Warner Company, Turner International India Pvt. Ltd. is the arm of Turner Broadcasting System. Inc. (TBS) that manages the sales and marketing of Turner's news and entertainment services in India and South Asia.
The Alva Brothers (Holding Company), pioneers of innovative formats and programming are the promoters of Miditech Pvt. Ltd. Miditech is one of India's largest Independent Production companies creating world class programming for leading broadcasters in the region across genres and languages.