Hong Kong Star TV buys out EMI's stake in CHannel [V]

In a significant development, the Hong Kong-based Star TV - part of media baron Rupert Murdoch's News Corporation - yesterday announced that it has bought out media giant EMI Group PLC's 12.5 per cent stake in music station CHannel [V]. Consequently, Star TV now wholly owns CHannel [V]. "Both EMI and Star see this as a natural progression of ownership," a Star TV spokeswoman is stated to have said, according to a news report in Dow Jones Newswires. Financial details pertaining to the buyout are also not available.

For the record, CHannel [V] was set up in 1994, with STAR holding 50 per cent stake in the music channel. The remaining 50 per cent was split between EMI, Sony Corporation, BMG and Warner Music, each owning an equal 12.5-per cent stake. Two years ago, STAR began the process of buying back equity in the channel.

On speaking to STAR India, agencyfaqs! has gathered that this development would not have any impact on the operations at CHannel [V] India. It may be recalled that in 1999, with a view to decentralization, CHannel [V] had split into four operational divisions - Greater China, India, International and Networks. Back then, CHannel [V] had decided to approve an 81-per cent increase in programming budget for CHannel [V] India, and a 51-per cent rise in marketing operations. © 2003 agencyfaqs!