MUMBAI: Delhi-based Century Communication Limited (CCL) has bought out ex-UTV Anil Mishra's 30 per cent stake in Pearl Media for an undisclosed amount.
Pearl Media will now become a division of the company. "Earlier Pearl Media was functioning as a subsidiary of CCL. We have bought out Mishra's stake," CCL chairman PK Tewari tells Indiantelevision.com. CCL will consolidate its air-time sales, TV software, outdoor media and radio ad sales businesses under the umbrella of Pearl Media.
CCL had joined hands with Mishra in 2004 after he quit UTV as COO of air-time sales and syndication. Pearl Media was formed to start the ad sales business with particular focus on Sun TV's group of channels. Pearl Media since then has grown to a turnover of Rs 700 million, handling 15 shows on Sun Network and two on Doordarshan.
"I have sold my stake and parted ways with CCL," says Mishra who functioned as CEO of Pearl Media.
A new team is now being put in place with Sanjay Reddy roped in from Walt Disney to head Pearl Media.
CCL, which posted a turnover of Rs 1.5 billion for the fiscal 2005-06, has recently ventured into the FM sector and has bagged nine radio licenses in various cities across India. The company is targeting Rs 2 billion this fiscal. Apart from ad sales business through Pearl Media, CCL is into post production under the brand name of Pixion.
