Star HS Ltd., an affiliate of STAR India, a leading media and entertainment company, has completed the sale of its 50% stake in STAR CJ Network India Pvt. Ltd., the home shopping joint venture with Korea’s CJ O Shopping Co. Ltd. The announcement was made today, June 26.
P5 Asia Holding Investments (Mauritius) Limited, a group company of Providence Equity Partners LLC, has acquired STAR’s 50% stake in the venture.
Providence is a leading private equity firm focused on media, communications, education and information investments. Providence is also a controlling shareholder in HSE24, a home shopping network in Germany.
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“STAR CJ provides world class home shopping experiences to consumers in India and has been a valuable investment for us. We and CJ have enjoyed an excellent working relationship and we expect this to continue unaffected by the sale,” said Uday Shankar, CEO of STAR India.
STAR CJ operates a 24×7 home shopping channel called “STAR CJ alive” and provides a web portal to third party sellers who list their products for sale. STAR CJ will continue to use STAR’s brand for up to one year.
Star India broadcasts more than 40 channels in 7 languages. The network’s channel portfolio includes Star Gold, Channel [V], Star World, Star Movies, Star Utsav, Life OK, Movies OK and Star Plus. Star India is a fully owned subsidiary of 21st Century Fox.
