Media and entertainment giant Star India today said it has entered into an agreement with Indian Express Group to acquire film magazine 'Screen'.
This is the second deal by the Rupert Murdoch-run Star Group in India today as its parent News Corp earlier in the day announced purchase of niche business newsportal VCCircle.
Founded in 1951, Screen also owns a popular film awards franchise by the same name.
As part of the transaction, Star will get exclusive ownership of the Screen brand franchise, including all archival material and transfer of key employees.
The value of the deal was not disclosed.
"The Screen acquisition will yield huge benefits for Star India and for Hotstar, our digital platform," Star India Chief Executive Uday Shankar said in a statement.
Star has built one of the largest media and entertainment organisations in the country, reaching over 700 million viewers with nearly 40 channels in seven languages.
"Screen is a strong and reputable franchise and gives us access to the entertainment editorial suite and the tinsel world, where news that shapes trends is made by film stars, directors and producers," Shankar said.
"The deal will allow us to strengthen and expand the content brand online while taking the awards platform to the next level.
"There are strong synergies and the combination of the quality content and awards franchise with Star's presence across television and digital platforms is strategic and scalable," he added.
"We are delighted to enter into a transaction with Star India. Screen is one of the most reputed film and entertainment properties. We have built this business with a lot of passion and are confident that Star will nurture it and take it to greater heights," said Indian Express Group Chairman and Managing Director Viveck Goenka.
BMR Advisors and ABZ Partners were the advisors to the deal.
The Star network's entertainment channel portfolio includes Star Gold, Channel V, Star World, Star Movies, Star Utsav, Life Ok, Movies Ok and Star Plus, while its regional bouquet includes Star Jalsha, Jalsha Movies, Star Pravah, Asianet, Asianet Plus, Suvarna, Suvarna Plus and Vijay.
