MUMBAI: Kalanithi Maran?s open offer was lapped up on the bourses on Wednesday. The founder of the Sun TV Network had to divest two per cent of his holding in the company to comply with a Sebi regulation which specifies that public shareholdings in listed entities should be a minimum of 25 per cent. And the deadline to achieve that is 4 June 2013.

Maran had put 7.88 million shares on the market, and the offer was oversubscribed 3.17 times, so say media reports. The share was bought at levels much higher than the floor price of Rs 403 each that had been set.

Because of brisk demand for Sun TV shares, its price rose during trading and at closing it was at Rs 428.50, a tad higher than its opening. One of the estimates put out by livemint.com is that Maran raised almost Rs 327.8 crore through the stock sale.
 
With this divestment,Maran now holds around 295.52 million shares in Sun TV.

MUMBAI: Sun TV Network?s Tamil kids channel Chutti TV has taken the rights for 3D computer-animated series ?Little Krishna?, a co-creation between Big Animation and India Heritage Foundation, promoted by Iskcon Bangalore.

The channel will host a two-day carnival on 23 and 24 February at Kumararani Meena Muthiah College of Arts and Science, Adyar. Games and entertainment centered on the life of Lord Krishna will be the attraction of this fun festival.

The highlight of this two-day event will be the ?Hunt for Voice of Krishna?. A voice hunt to identify talented children to render voice for the lead characters in the cartoon ?Little Krishna? will be conducted and the chosen children will work closely with the Chutti TV team for this unique opportunity.

The event including the dubbing work by the children will be telecasted on Chutti TV. The event will be sponsored by Candyman Cr?me Lacto and powered by Top Ramen.

MUMBAI: Kalanithi Maran-promoted Sun TV Network?s net profit for the third quarter ended 31 December has jumped 13.1 per cent from a year earlier on a healthy growth in advertising revenue.

Sun TV?s net profit in the third quarter was Rs 1.89 billion, up from Rs 1.67 billion a year earlier.

Despite the slowdown in ad spends for the industry due to sluggish economic growth, the Chennai-based media conglomerate saw its advertising revenue grow by 20 per cent to Rs 2.93 billion from Rs 2.44 billion a year earlier.

The company?s operating profit in the third quarter grew 10.32 per cent to Rs 3.76 billion from Rs 3.41 billion a year earlier.

Sun TV?s net revenues in the third quarter increased 14.29 per cent to Rs 4.85 billion from Rs 4.25 billion a year earlier. Its expenses jumped 8 per cent to Rs 2.13 billion from Rs 1.96 billion a year earlier.

Sun TV, which recently acquired Hyderabad franchise of the Indian Premier League (IPL) for Rs 4.25 billion, operates 33 channels across four languages -- Tamil, Telugu, Kannada and Malayalam.

Against the total projected utilisation of Rs 5.72 billion from the IPO funds, an amount of Rs 3.56 billion has been utilised towards capitalisation of subsidiaries, Rs 1.33 billion toward launch of new channel and purchase of new equipments and upgradation of old equipments, and Rs 623.4 million towards construction of owned corporate office.

MUMBAI: Sun TV Network has named its Hyderabad IPL team Sun Risers.

The official logo of the new team will be unveiled in Hyderabad on 20 December.

The company had recently awarded the creative duties of its team to JWT India. The account will be serviced out of the agency?s Chennai office.

JWT will handle the entire launch communication package which includes developing a new identity for the team including jersey colours and a 360 degree multi-media campaign.

Sun had retained 20 players in their initial squad for the 2013 season which included six overseas players. It had spent $5 million on retaining players out of its purse of $7 million.

Sun TV had in October bought the Hyderabad IPL team for Rs 4.25 billion for a period of five years till 2017. From 2018, Sun will own the franchise in perpetuity and will pay 20 per cent of the franchise revenue every year as fee to the BCCI.

The auction was necessitated after the termination of the erstwhile Hyderabad team Deccan Chargers owned by debt-ridden media company Deccan Chronicle.

MUMBAI: Kalanithi Maran-promoted Sun TV Network Ltd. will soon start building the brand of its recently won Hyderabad IPL team. For this exercise, the company has mandated the creative duties to JWT India.

JWT will handle the entire launch communication package for the yet-to-be named Hyderabad IPL franchise. This will include developing a new identity for the team including jersey colours and a 360 degree multi-media campaign.

The account will be serviced out of the agency?s Chennai office.

Sun TV had bought the Hyderabad IPL team for Rs 4.25 billion for a period of five years till 2017. From 2018, Sun will own the franchise in perpetuity and will pay 20 per cent of the franchise revenue every year as fee to the BCCI.

For the record, the Sun Group has its presence in cable and satellite television, FM radio, newsprint and aviation.

JWT Chennai?s recently won the creative business of GRT Jewellers. It also handles accounts of brands like MRF, Univercell, GRT Hotels, Tamilnad Mercantile Bank, TI Cycles and Renuka builders.