29 Years
Home > Business & Investment > Star India Sells Entire Stake In Star CJ To Providence Group

Star India Sells Entire Stake In Star CJ To Providence Group

Monday, June 30, 2014
By A Business Reporter

Star HS, an affiliate of STAR India, the nation's leading media and entertainment conglomerate, 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 stake has been bought by US-based Providence Equity Partners.
Providence is the world's leading private equity firm focused on media, communications, education and information investments. It manages funds with $40 billion in commitments and has invested in more than 140 companies globally since its inception in 1989. Providence is also a controlling shareholder in HSE24, the leading home shopping network in Germany. Providence has also invested in various Indian companies such as Idea, Indus Towers, UFO Digital Cinemas and Hathway.

“We are happy to have Providence as our strategic and financial partner. It has been a pleasure and delight to deal with such a highly professional investment firm that shares our vision and understanding of the media as well as the home shopping industry. We are glad to cement this joint venture,” said Kenny Shin, CEO, Star CJ Network India. “We have been growing at a CAGR of 50% in the Rs 2,200-crore home shopping market. We expect to reach a revenue of $ 1 billion in India in the next five years, while our partners, Providence plans to enter the equity market through IPO in the same  number of years,”  he added.

Star CJ, was launched on 22nd September 2009 on Star Utsav Channel. On 1st August  2010, the company had a standalone channel. On 1 August 2012, Star CJ achieved the milestone of delivering goods all over India. STAR CJ operates a 24x7 home shopping channel called “STAR CJ alive” and provides a web-based portal www.starcj.com to third party sellers who list their products for sale. The company reaches more than 50 mn households and have added 5 mn 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 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. Providence looks forward to working with the STAR CJ team and adding lasting value to the company in the years ahead," said Biswajit Subramanian, Managing Director of Providence Equity Advisors India Private Limited.

No Comments Posted
City news
Making the best of a rainy day
Nine years after the 26/7 deluge, the state ...
Boundary wall along Sandhurst Road railway statio
I am 28 yrs old, married four years back to a gir
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Select Sun sign:
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)Several favorable opportunities for investment on a short-term basis will materialize. Those keen on going in for higher studies or research will get all the help and support that they need. Social activities and outings prove to be exciting. Difference in love will be resolved and lead to further strengthening of ties. You will enjoy domestic felicity.
Tarot for Love
Select Sun sign:
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)What the cards say: Just chill Path: Seek harmony. Don’t doubt. Have faith Ally: Pisces who show you the path of love. Be a little careful with critical Virgo Card for the week: Tarot key no. XIV Temperance. Will bring joy and satisfaction
- Advertising -
‘As property prices are rising, so are marriage d
Baaya Design was found by Shibani Jain in 2009.
When you’re going in for a realty purchase, chanc
Read More