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Balaji
Telefilms, Nine Network in stock swap deal
Balaji Telefilms and Nine Network Entertainment India have
agreed to a merger, which will result in a 20 per cent holding
for Nine Broadcasting India in Balaji Telefilms. Announcing
this at a board meeting in Mumbai, the two companies further
declared that the swap ratio for the merger had been proposed
at 65 shares of Balaji for every 200 shares of Nine Network
India for a sum of Rs 34 crore. This would result in an increase
of 2.6 million shares for Balaji.
An agreement to this effect was signed by Balaji Telefilms
chairman, Jeetendra Kapoor and Director, Nine Network Entertainment
India, Anthony Klok last Tuesday in Mumbai. Post merger, Balaji
would continue to be independent in terms of developing software
for various television channels. Two representatives of Nine
Broadcasting India, Ravina Kohli and Anthony Klok, will be
on the board of Balaji.
Nine currently airs its programmes on DD Metro’s Golden
Hours slot. Balaji Telefilms recently concluded its public
issue and this agreement with Nine comes a day before the
scrip was to be listed. On the agreement with Nine, Mr Jeetendra
said, "Balaji’s strength is its content and we will
couple this with Nine’s marketing strength."
He added that Balaji, through the agreement, will use its
library to telecast programmes worldwide. Balaji Telefilms
presently does 34 hours of television software development
every week. This is for eight television channels. Jeetendra
said, "we will have 3,000 hours of content by March 2001."
He added that his company was in talks with other television
channels to expand its clientele. "The focus will be
on infotainment," said Klok on Nine’s plans on the
agreement with Balaji. Nine Broadcasting India, CEO, Ravina
Kohli said her company would work towards airing Indian television
serials to a global market.
Padmaja
Shastri
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