Murdoch to quit India TV news biz
April 10, 2012
By Chris Forrester
Star India is set to exit the overcrowded TV news business in India. Local reports say News Corp-controlled Star TV will sell its 26 per cent holding in Media Content & Communications Services (MCCS), which owns and operates three news channels.
News Corp’s partnership in MCCS is with Ananda Bazaar Patrika Grp (ABP) and numerous local reports say that the relationship has turned sour. ABP is the probable buyer, adding News Corp’s stake to the 74 per cent it already hols.
The end result will mean the dropping of the ‘Star’ name from the channels.
But the ‘Star’ name is staying extremely active in Indian TV. For example, only last week, Star TV paid a massive $757 million to secure coverage of India-hosted test cricket games from July this year through March 2018. The deal covers a total of 96 top-flight games for visiting international teams from Australia, England, Sri Lanka and South Africa. It works out at about $7.9 million per game.