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MUMBAI: In a move that is likely to surprise many in the cable & satellite television industry, the Zee Telefilms controlled Siti Cable has concluded a deal to take control of RPG owned cable networks in Kolkata. |
 The agreement was reached early this morning in Kolkata where senior Siti Cable executives are camping at the moment. The enterprise value of RPG Netcom is estimated to be around Rs 350 million.
Contacted by Indiantelevision.com, Zee Telefilms additional vice-chairman and Siti Cable head Jawahar Goel confirmed the development. |
| According to him, " RPG's buy-out will lend momentum to Siti Cable's expansion plan." He added that the "proactive role" of the West Bengal government will go a long way in addressing the concerns of the cable industry.
RPG Netcom is the largest muti-system operator (MSO) in Kolkata controlling 60 per cent of the city's approximately 1.2 million cable homes. Until about a month ago, media was rife with reports that the Sun Network owned SCV had more or less concluded the deal to buy out the largest MSO in Kolkata. Ernst & Young was, reportedly, working as a facilitator for the SCV- RPG deal. Later in the day, a press release was issued by SitiCable stating that Siti - RPG deal is a strategic acquisition of Siticable, which has further strengthened its nation-wide distribution network, in tune with the current strategic processes at Zee. The media release also adds that as part of same strategy, Siticable has taken on lease two prominent cable networks of Bangalore namely, Ice Network and Atria Network. Siti Cable has taken other measures as well to consolidate its cable distribution strength through an affiliation scheme, which has received enthusiastic response from various cable networks of the country, particularly in Eastern UP, Punjab, Jammu & Kashmir, Gujarat and Haryana |
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