The Hindu Business Line : ABP to hold 74 pc, Star 26 pc in MCCS

ABP Pvt Ltd and Star Group today entered into an agreement under which ABP would take a 74 per cent stake and Star 26 per cent stake in Media Content and Communications Services Pvt Ltd (MCCS) for broadcasting Star News.

The agreement, which is in compliance with the revised Government guidelines, was signed today between the two entities, a joint press release issued by the ABP group and Star said.

The paid-up share capital of MCCS is being augmented but ABP as well as the Star Group declined to give any financial details of the deal.

The board of MCCS is being reconstituted. Ms Ravina Raj Kohli will be the President of Star News. Mr Sanjay Pugalia continues as News Director of the channel. MCCS will now file a revised application with the Government for uplinking Star News from India.

"This alliance is in line with the ABP group's strategy to get into the fastest growing media space from our traditional area of expertise which is print media," the release said quoting Mr A. Lahiri, Managing Director, ABP.

"In ABP we found a strong media partner that shares our vision for Star News," the release said quoting Mr Peter Mukerjea, CEO, Star India Ltd.

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