DEN Networks today exited its 50:50 joint venture (JV) with Star India by selling its stake for a total consideration of 40.35 crore.
"DEN Networks has entered into a share purchase agreement with Star India and Star Den for selling off its entire 50 per cent equity stake held in Star Den for a consideration of Rs 40.35 crore," DEN Networks said in a BSE filing.
It further said: "Upon completion of the said share transfer to Star India, Den shall cease to be a shareholder in Star Den and the joint venture agreement executed among the parties shall stand terminated."
In January 2008, Star India and DEN announced a joint venture to create a platform for distributing television channels in India through fixed networks.
As per the agreement, the 50:50 joint venture was an exclusive distributor for all channels of Star India in the domestic market.
The JV's aim was to distribute the channels through cable, Direct to Home (DTH), Internet Protocol TV (IPTV), Hypertext Induced Topic Selection (HITS) and Multichannel Multi-point Distribution Service (MMDS).
