Channel [V] owners to shift stakes

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BOMBAY -- News Corp.'s Hong Kong-based Star TV Network, Britain's EMI Music and Japaneseowned Sony Pictures Entertainment plan to increase their shareholding in Channel [V], Asia's leading satellite music channel. A Channel [V] board meeting November 11 will deliberate on the increases which will fund a $35 million investment in the service over three years. Germany's BMG and New York-based Time Warner's Turner Broadcasting arm will lower their holdings to 4% each in the new set-up. Consequent to the approval, Star will gain a majority control of 65% from the existing 50%, while Sony and EMI will raise their stakes to 15% each, up 2.5%. Channel [V] requires the cash to combat a resurgent MTV Networks Asia.

Copyright November 1998, Crain Communications Inc.

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