India's Zee. Star TV Call Off Merger Talks.
Multichannel News, January, 1999 by SEHGAL, RASHME
NEW DELHI, INDIA -- A cryptic statement is sued last week by one of India's dominant pay TV programmers, Zee Telefilms, announced that Zee and Star TV have halted their merger talks. Rupert Murdoch -- chairman of the company that controls Star, News Corp. -- is apparently unwilling to fork over the asking price of Zee's chairman, Subash Chandra.
"[Star'sl valuation of Zee's business is a stumbling block in talks with Star TV. Negotiations will be restarted only when they offer us a true and fair valuation," said Rajhi Bakshi, vice president of corporate communications at Zee Telefilms subsidiary Zee Network. Star TV, the Hong Kong-based programming group, has had strong ties with Zee Telefilms in recent years, as News Corp. and Chandra are...
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