US firm acquires South Asian media group

Thursday, 25 January 2007, 06:00 Hrs
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Washington: Leading South Asian media, entertainment, and advertising company CineMaya Media Group, which targets Indians abroad, was bought over by US firm Caltas Fitness.

"We are extremely pleased to have been acquired by Caltas Fitness," said New York-based CineMaya CEO Sunil Hali on Wednesday.

"Our company has experienced more than 30 percent growth in each of the three preceding years and now we have the opportunity to take it to greater levels through a company that is already publicly traded."

The 2006 revenues of CineMaya, which also publishes the Indian Express North American Edition in an all-stock deal, exceeded $4.25 million.

In its six years of operation, the company has already achieved profitability and is recognised as an industry leader within its highly specialized market, a Caltas Fitness release said.

CineMaya's assets include a plethora of media properties. The Indian Express North American Edition, an internationally respected English language weekly newspaper, has established itself in the US and Canada as a great source of news and information for South Asians.

The company also publishes the North American Edition of Divya Bhaskar, a Gujarati daily. CineMaya is involved in providing television and radio broadcast stations high quality programming of interest to Indians - the fastest growing and economically wealthy minority in America.

CineMaya's full service advertising agency and wholly-owned subsidiary, Elephant Advertising, serves top tier corporate clients from the US and India seeking to penetrate the fastest growing and wealthiest community (per capita) in North America.

A formal name and symbol change is expected to be announced in the near future to reflect the union of CineMaya Media into Caltas Fitness.
Source: IANS
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