Star HS, an affiliate of STAR India, has completed the sale of its 50 per cent stake in STAR CJ Network India, the home shopping joint venture with Korea’s CJ O Shopping Co.
P5 Asia Holding Investments (Mauritius), a group company of Providence Equity Partners, has acquired STAR’s 50 per cent stake in the venture.
Uday Shankar, CEO, STAR India said, “STAR CJ provides world class home shopping experiences to consumers in India and has been a valuable investment for us. We and CJ have enjoyed an excellent working relationship and we expect this to continue unaffected by the sale.”
Biswajit Subramanian, Managing Director, Providence Equity Advisors India added here, “Providence is excited about partnering with CJ O Shopping, a global leader in TV home shopping. The significant TV home shopping market opportunity in India, STAR CJ’s strong management team and CJ’s deep domain expertise, all make this a compelling opportunity for us. Providence looks forward to working with the STAR CJ team and adding lasting value to the company in the years ahead.”
Kim Yun Koo, Executive Vice President, CJ O Shopping said, “STAR India has been a close and valued partner for CJ O Shopping in building STAR CJ into a premier home shopping platform in India. CJ O Shopping looks forward to accelerating STAR CJ’s growth and believes Providence will be a fantastic partner for the next chapter in this journey.”
STAR CJ Network India, formed in 2009 as a 50:50 partnership between STAR and CJ, is a part of CJ O Shopping Co of South Korea. STAR CJ operates a 24x7 home shopping channel, STAR CJ Alive, and provides a web-based portal www.starcj.com to third party sellers, who list their products for sale. STAR CJ will continue to use STAR’s brand for up to one year.