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Kartikeya Sharma’s iTV Network set to pick up stake in Trilogic Digital
MUMBAI: Kartikeya Sharma’s iTV Network, which owns and operates six news channels including NewsX in English and India News in Hindi, is set to acquire a significant stake in broadcast management and audiovisual content syndication company Trilogic Digital Media Ltd (TDML).
TDML, which is a listed company, has interests spanning TV and digital media. It manages the complete operations of Hindi general entertainment channel (Sahara One), Hindi movie channel (Filmy), and fashion and lifestyle channel (FTV). The company is planning to launch a Bhojpuri entertainment channel called Phulwaa (next fiscal) and a travel channel in the near future.
Earlier in October, the two companies had entered into a long-term strategic partnership, according to which TDML was to look after the operations, including programming, marketing, distribution and monetisation, of the soon-to-be-launched regional entertainment channels from iTV Network, apart from Insight.
At that time, TDML MD Vishal Gurnani had told TelevisionPost.com that the two companies had signed the strategic alliance and that the plan was to launch and operate the non-news channels and distribute the news channels under iTV Network. When asked if iTV would take an equity stake in the company, Gurnani had clarified that currently it is a ‘long-term strategic alliance’ and that ‘anything is possible’.
Now it seems that iTV is going to pick up a significant stake in the company.
The TDML board has approved the preferential allotment of 17,300,000 warrants, convertible into equity shares to non-promoters.
TDML has 23,682,600 shares, out of which 38 per cent is with promoters while the remaining 62 per cent is with the public as of 30 September.
The TDML board also approved the appointment of Aman Thukral as an additional director of the company. Thukral, incidentally, is company secretary and legal manager at iTV Network as per his Linkedin profile.
iTV Network is also looking at building a non-news TV network in parallel. It has recently launched UHD channel Insight as its India partner and has plans to launch a bouquet of regional entertainment channels, including an Assamese-language general entertainment channel, tentatively named ITV Hi Life and a Haryanvi entertainment channel, likely to be named ITV AND.
Also in the pipeline are three news channels (including NewsX HD). Other channels include a Bengali news channel ITV Bangla and one for the North East region, ITV NE.