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Discovery to Buy Controlling stake in Food Food Owner


Mumbai: Discovery Communications, the world’s largest non-fiction entertainment company, is set to acquire a controlling stake in Turmeric Vision, which operates specialty channel Food Food, two persons with the direct knowledge of the deal told ET.

Turmeric Vision is a joint venture between celebrity chef Sanjeev Kapoor, Malaysia-based Astro Overseas Limited and ad man Sandeep’ Goyal’s Mogae Consultants.

“A share transfer has been proposed between Astro and current promoters of the company. Following the approval, Astro will exit and Kapoor’s holding will increase to 80%, while Mogae will own 20%. Then, Discovery will acquire a controlling stake in the company,” one of the persons said.

He added, “After the completion of the acquisition, Kapoor will retain a significant minority stake, while Mogae Media will exit.”

Incidentally, starting April 1, Food Food had already given its ad sales mandate to Discovery. When contacted, Kapoor confirmed the ad sales mandate to Discovery, but refused to comment on the stake sale.

Source: Economic Times
(Photo: twitter)

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