Future Venture is planning to sell its 65% stake in ACK Media, an entertainment and education company for around $25 -29 Mn, BS states.
Future Ventures first picked up stakes of 26% in ACK, worth R37.5 Cr, in April 2011, valuing the firm at R140 Cr and followed it with an acquisition of a further 30% stakes, increasing its holdings to 56% by July.
In 2012, it hiked its stake in the company to 65.84% from the earlier 56%, after a buyback offer of 70,457 shares was accepted by its shareholders.
Founded in 2007, ACK Media owns the mythological content business - @Amar_Chitra, along with other children focussed ventures – Tinkle, Karadi Tales and Brainwave magazine in English, Hindi and other regional languages.
It is also involved in producing content which is distributed through television and other media channels. In 2012, ACK acquired the license from National Geographic Society, US for distributing their pioneer magazine National Geographic Magazine and for distributing and publishing National Geographic Traveller in India.
Other investor in privately owned ACK Media includes @Elephant_Capital that owns 32% stake in the company.
In other news, Future Ventures was in news to sell its 28.3% stake in BIBA Apparels to Warburg Pincus and it was also in talks with General Atlantic to sells its 22% stake in Anita Dongre's AND.