Balaji To Sell Media Education, Mobile Content Biz For Rs 8.37Cr
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Content production house Balaji Telefilms Ltd has inked a deal to sell its media education and mobile content business to an undisclosed buyer for Rs 8.37 crore, the company has said in a statement to the Bombay Stock Exchange.
Balaji had announced its intent to sell the New Media and training divisions in January last year. Incidentally, the New Media division of Balaji runs the artist hiring portal called Hoonur.com, as well as the mobile content production unit. However, it seems that the latest deal does not include Hoonur.com and Balaji will retain its Internet business vertical.
At 1:01 pm, shares of Balaji Telefilms were trading at Rs 32.50 per unit on the BSE, down 1.52 per cent from the previous close.
Incorporated in 1994, Balaji Telefilms is led by Ekta Kapoor (daughter of Bollywood actor Jeetendra Kapoor) and family. Rupert Murdoch-controlled News Corp arm also owns 26 per cent in the company, having acquired the stake for Rs 123 crore back in 2004. The stake is currently valued at Rs 55 crore.
Balaji's media education venture runs the ICE Institute of Creative Excellence that caters to the training needs of aspiring professionals of the media and entertainment industry, and focuses on key areas like acting, cinematography, direction, editing, production, scriptwriting and sound engineering.
Its mobile division produces audio and video content and partners with telcos like MTS, Idea, Aircel, Airtel, BSNL, Reliance and Loop Mobile. It mostly focuses on creating humorous, devotional and mythology-related content.
Last year, the company had roped in Punyashlok Bhakta as CEO – New Media. Before joining Balaji, Bhakta was business head (consumer business) and head of marketing at Hungama Digital Media Entertainment Pvt Ltd where he focused on building Hungama.com.