The 24-hour news channel STAR News will soon be renamed ABP (Ananda Bazar Patrika) News after Rupert Murdoch-promoted Star Group on Monday said it is exiting from news business in India ending brand association with the ABP Group
The two groups had entered into a 74:26 joint venture in 2003, Media Content and Communications Services (MCCS).
Both the companies, however, did not disclose whether ABP has bought out the foreign partner's stake.
“Given the current regulatory environment and structural issues ailing the Indian cable and satellite television market and the news genre in particular, Star took this extremely difficult decision to withdraw its brand from the genre,” Star India said.
In a separate statement, MCCS said Hindi news channel STAR News will be rechristened ABP News. Similarly, Bengali news channel STAR Ananda will be renamed ABP Ananda and Marathi channel STAR Majha becomes ABP Majha.
“The core business of the ABP is news and it wishes to promote and establish its own brands in the broadcast news space through its subsidiary company, MCCS,” it added.
ABP Group publishes Bengali daily Anandabazar Patrika, English newspaper The Telegraph and business magazine Businessworld.