TIAA-CREF Acquires Additional Stake In Den Network

LLC has acquired additional 1% stake in Den Networks, a broadcasting and cable TV Company byacquiring 1.3 Mn shares through open market transaction.

TIAA-CREF now holds around 5.93% stake in Den Networks.

TIAA-CERF is now the largest non-promoter shareholder of the company. Other shareholders includes-StanChart IL and FS Asia Infrastructure G (4.98%) and Network 18 Media And Investments Limited (3.08%) among others.

Incorporated in 2007 and promoted by Sameer Manchanda, DEN is engaged in the distribution of analog and digital cable television services. At present, DEN offers analog cable services in over 90 cities and digital cable services in around 40 cities across India. The company provides cable television services in the NCR, Uttar Pradesh, Rajasthan, Maharashtra, Gujarat, Karnataka, Haryana, Madhya Pradesh and Kerala. Besides cable television services, DEN also has an all-India ISP license for offering broadband internet services.

DEN has a 50-50 JV with News Corp's Star TV Group called Star DEN which was formed in 2008. In May 2011, Star DEN formed a 50-50 JV with Zee Turner combining the distribution assets of the Star, Zee and Turner groups in India. The JV company is called Media Pro Enterprise India Private Limited and has become the exclusive distribution house of 66 pay TV channels and services.

Den On BSE TIAA-CERF Asset Management is 90 years old financial institution providing investment solutions and strategies across four key areas: fixed income, equities, real estate, and alternatives with around $487 Bn AUM.The firm is a leader in helping those in the academic, medical,cultural, governmental and research fields plan for retirement, and life’s other goals.

In 2010, the fund sold its small stake of worth $60Mn in ONGC. Recently in the space, Macquarie Bank and US based PE fund Providence Equity Advisors acquired Star India's 17.3% stake in Hathway Cable & Datacom Ltd for R358Cr.

This January, RIL was planning to pick 26% stake in leading cable operator, including multi-system operators.

http://www.dealcurry.com/20120713-TIAA-CREF-Acquires-Additional-Stake-In-Den- Network.htm

Source: http://cablequest.org/news/cable-news/item/350-tiaa-cref-acquires-additional-stake-in-den-network.html
Source: http://cablequest.org/news/cable-news/item/350-tiaa-cref-acquires-additional-stake-in-den-network.html