HomeShop18 To Acquire Shop CJ

HomeShop18, part of Network18 Media & Investments, is set to acquire 74% stake in Shop CJ Network an equal joint venture between private equity investor Providence Equity Partners and Korean firm CJ Shopping.

HomeShop18 will be acquiring 74% stake in Shop CJ. Providence, which is looking at an exit from all its Indian investments, will sell out completely, while CJ O Shopping will reduce its stake to 26%.

As a precursor to the deal, Shop CJ had shuttered its Tamil home shopping channel. After the acquisition, it is learned, Shop CJ’s Mumbai headquarter will be closed and operations transferred to Delhi–NCR. Shop CJ, initially known as Star CJ, was launched in September 2009 as a 50:50 JV between Star India and CJ O Shopping. In 2014, Star India sold its 50% stake to Providence Equity Partners for $63 million.