Leading media and entertainment firm Star India today said it has exited its equal partnership in e-commerce portal Star CJ Network by offloading its stake to Providence Equity Partners for an undisclosed amount.
Star CJ Network is a 50:50 joint venture with Korea's CJ O Shopping, the world's second-largest home shopping network. It was formed in 2009.
Star India held its stake in the portal through India-Star HS.
Star CJ operates a 24x7 home shopping channel called 'Star CJ Alive' through www.Starcj.Com to third-party sellers, who list their products for sale, reaching out to over 50 million households and having added 5 million shoppers to its network within four-and-a-half years of its operation.
Star CJ will continue to use Star's brand for up to one year.
Providence Equity Partners is a leading private equity firm focused on media, communications, education and information investments. The firm manages USD 40 billion and has invested in over 140 companies globally since its inception in 1989. It is also a controlling shareholder in HSE24, a leading home shopping network in Germany.
"Providence is excited about partnering with CJ O Shopping, a global leader in TV home shopping. The significant TV home shopping market opportunity in India, Star CJ's strong management team and CJ's deep domain expertise, all make this a compelling opportunity for us.
"We look forward to working with the Star CJ team and adding lasting value to the company in the years ahead," Providence India managing director Biswajit Subramanian said.
