January 12, 2011 (Showbiz PR Wire):Cinestar Advertising Pvt. Ltd. (CAPL), a media and entertainment company promoted by Abhimanyu Singh and Premnath Rajagopalan, has acquired 51% of the equity share capital of Imagine Showbiz Ltd. (ISL), from Turner General Entertainment Networks India Private Limited (TGEN). This acquisition makes CAPL the 100% stake holder of ISL.
ISL was incorporated in 2007 as a joint venture company between NDTV Imagine Ltd. (NDTVIL) and CAPL. In February 2010, the Turner group, as a part of a larger transaction involving the acquisition of four channels from NDTV, acquired control over NDTVIL and NDTVIL was subsequently renamed as TGEN.
ISL, among other things, is involved in producing and broadcasting television programs, films and advertisement and currently operates the Imagine Showbiz channel (Channel). As a part of this transaction, ISL is being allowed to use the trademark Imagine in the name of the Channel until permission of the Ministry of Information and Broadcasting is obtained for the change in name of the Channel.
Premnath Rajagopalan, Director - CAPL said Our focus would be to be market leaders in the music and bollywood space and consolidate our presence in the genre of Bollywood entertainment.
Sameer Nair, CEO, Turner General Entertainment Networks India Private Limited said, As part of our ongoing improvement to our operations post the acquisition by Turner we have taken the decision to let our partner, CAPL, take the lead on Imagine Showbiz. Since its inception in 2007, Showbiz has been successfully catering to its audience with an unlimited offering of Bollywood entertainment and we wish it reaches its full potential in the years to come. He added, We do not envisage any further changes to our operations or partnerships at this time.
About CAPL
Cinestar Advertising Private Limited is a media and entertainment company promoted by Abhimanyu Singh and Premnath Rajagopalan. It was incorporated in 2006 and its business is focused on advertising, marketing and market promotion through all forms of media and technology.
About Turner General Entertainment Networks India Pvt. Ltd.
Turner General Entertainment Networks India is a division of Turner Broadcasting System, Inc. (TBS) that has made strategic forays into key businesses in the Indian media and entertainment space. Spearheaded by Sameer Nair as CEO, it owns the Hindi general entertainment channel now called Imagine TV, the multi-language world cinema channel known as Lumiere Movies and the movie production company now named 'Imagine Pictures'.
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--Showbiz PR Wire