Mumbai-based media group Asianet News Network Pvt Ltd (ANN) has acquired 51 per cent stake in Bangalore-based Kannada Prabha Publications Ltd for an undisclosed amount, reported exchange4media News Service quoting a company statement.
Established in 2005, Kannada Prabha Publications is engaged in publishing a daily newspaper under the brand name Kannada Prabha. It operates as a subsidiary of the Express Publications (Madurai) Ltd.
Asianet News Network is into news broadcasting space and the company is promoted by Rajeev Chandrashekhar who had sold BPL Communications a few years ago and now runs his diversified business group.
“This alliance will leverage the vast synergy between two of Kannada’s most respected and credible news brands – Kannada Prabha and Suvarna News 24x7. This partnership and strategic alliance will be transformational for the readers/viewers, giving the best in editorial, news reporting and features,” Rajeev Chandrasekhar, chairman of Asianet News Network, said in a media statement.
The media and entertainment space has been abuzz with activity in the recent past. For instance, early this year, Reliance Broadcast Network Ltd, which owns radio channel BIG 92.7 FM, said that it was acquiring Delhi-based Imagine Showbiz Ltd. Imagine Showbiz operates in media and entertainment sector, and is involved in producing and broadcasting television programmes, films and advertisements. Currently, the company is running the Imagine Showbiz channel.