Alva Brothers, the holding company of production house Miditech and Turner International, part of the Time Warner Company, have entered into a partnership to launch an entertainment channel in Hindi, and then a slew of other language channels in India.
Turner and the Alva Brothers will each own 50 per cent of the broadcasting venture. The yet-to-be-named entity will leverage the Alva Brothers’ in-depth understanding of Indian audience’s entertainment needs, and Turner’s expertise in operating broadcast networks globally.
Besides, Turner will also acquire a minority stake in Miditech, including the shares previously held by ICICI Venture for an undisclosed amount. The promoters of Alva Brothers, Nikhil and Niret Alva, held 75 per cent in Miditech while ICICI Venture held 25 per cent. Now, with the promoters diluting 4 per cent (of 75 per cent), Turner will hold 29 per cent and Nikhil and Niret will together hold the rest.
Miditech will, however, continue to be an independent content producer for television broadcasters and corporate clients.
Niret Alva, Co-Promoter, Alva Brothers, said, “The relationship with Turner reaffirms the confidence Miditech enjoys in the marketplace. It will enable Miditech to independently widen the scope and depth of its innovative creative services to broadcasters and related customers. It is the beginning of a new journey of leadership for quality and imaginative content.”
“The partnership with the Alva Brothers further strengthens Turner’s presence in one of the most dynamic media markets in the world. This is our first foray in the general entertainment space in India, and we are confident that this powerful partnership, drawing on the strengths of both partners, will deliver ground-breaking quality programming to Indian audiences,” added Anshuman Misra, Managing Director, Turner International India.
Nikhil Alva, Co-Promoter of Alva Brothers, commented, “Entering the broadcasting arena with the global expertise of Turner begins an exciting new chapter for the Alva Brothers. The channel will provide fresh alternative content to an increasingly discerning audience. We are confident that with our proven track record in the Indian media industry, the differentiated offering will appeal to the audience targeted.”
Presently, Time Warner broadcasts kids channels Cartoon Network and Pogo in the Indian market. The company also has a joint venture with Zee Entertainment Enterprises in the form of Zee Turner, where it holds 26 per cent stake.