Tag: IFC

  • upGrad turns unicorn with $1.2 billion valuation

    upGrad turns unicorn with $1.2 billion valuation

    Mumbai: Homegrown online higher education provider upGrad has become the newest unicorn from the country after it closed a series of raises from Temasek, IFC (International Finance Corp, a sister organisation of the World Bank and member of the World Bank Group), and IIFL. The ed-tech startup has raised a total of $185 million at a value of $1.2 billion.

    “We are very focussed on our path to being in the top three to five companies globally in ed-tech and serving the one billion workforces across the age group of 18 to 60 years,” said upGrad chairperson and co-founder Ronnie Screwvala. “We are pleased with the investor interest ever since we opened up for a fundraise, and had our maiden raise from Temasek, followed by IFC and IIFL in the last 60 days.”

    “We will announce further updates on M&As, and unlocking value as they unfold. Yes, the last value was at $1.2 billion, but as I keep saying, we are not a fan of the tag name unicorn – for us, it is only a means to a much larger goal,” Screwvala added.

    upGrad has always been promoter-funded with the founder group still owning 70 per cent plus in the company. It is reportedly in advanced talks for a $400 million fundraise at a valuation of $ four billion.
     

  • IFC, Karo Sambhav launch “E-waste Hum Le Jayenge”

    IFC, Karo Sambhav launch “E-waste Hum Le Jayenge”

    MUMBAI: International Finance Corporation, a member of the World Bank Group, and Karo Sambhav, a tech-enabled Producer Responsibility Organization (PRO), have collaboratively launched a consumer awareness campaign titled ‘E-waste Hum Le Jayenge’.

    The campaign has been designed by J Walter Thompson and aims to create top-of-the-mind recall by building relevance for Indian consumers while providing a clear call-to-action to dispose e-waste responsibly through e-waste collection channels set up by Karo Sambhav.

    J. Walter Thompson, Delhi managing partner Joy Chauhan said, “E-waste management is a complex ecosystem with multiple stakeholders, involved in the generation of e-waste and its unsafe disposal. Our campaign’s objective was to cut through all segments in a way that is simple to understand and easy to follow.  To resonate with all the different stakeholders and the public at large, and to reframe the technology/environment conversation in order to make it more exciting, more relevant and more engaging – we took to pervasive cinema culture of India. We believe it would help create a positive dialogue for the program and bring the issue to fore.”

    Karo Sambhav founder Pranshu Singhal said, “Discussions on e-waste management have largely been confined to experts and industry stakeholders and it is yet to become a mainstream topic. We need to engage creatively with people and drive long-term behavioural shifts. This campaign aims to build an e-waste movement in India.”

    IFC’s India E-waste Program program manager Sarina Bolla said, “E-waste is the fastest growing waste stream globally; building awareness about proper management of e-waste is essential to meeting our goal of building a sustainable long-term solution for India.  The campaign will engage with multiple stakeholders to change how we address the current challenges in this sector.”

    The campaign will be promoted through digital, social media, and radio platforms to create widescale awareness around responsible and effective e-waste management across the country. The campaign will engage with individual consumers, bulk consumers (universities, corporates, etc.) and policy makers so that all stakeholders in the ecosystem can collectively address the e-waste crisis. The campaign will be initially promoted in Delhi, Chandigarh, Bengaluru, and Chennai and will be adapted in four languages (Hindi, English, Kannada, and Tamil) during the outreach.

    During the build-up to the campaign, a consumer immersion was undertaken amongst multiple stakeholders involved in creating, hoarding, and collecting e-waste. It was observed that not only  was awareness of e-waste management low but it also was fascinating to discover that people had an unsullied mindset, where they didn’t realise they were doing anything wrong by not disposing off e-waste responsibly. We needed an approach that would make people want to participate in the cause, create an intent to mend their ways and be more conscious of the right way to dispose of.

  • Television’s Independent Film Channel now just IFC

    Television’s Independent Film Channel now just IFC

    MUMBAI: In a small bit of news that may come as a surprise to many, Independent Film Channel has officially changed its name to just IFC.

     

    The regular viewers might have probably figured that out by now. But the recently announced that the corporate paperwork has been signed to change the network’s name to IFC.

     

    It’s just another example of how networks evolve over time with their names and images sometimes catching up to them; in recent times a channel that pops up in the head is The Learning Channel becoming TLC as its programming changed dramatically.

     

    Closer home we have witnessed such changes among news channels and sports channels in recent times.

     

    The changeover began in 2010 when IFC began airing its first original comedy, The Increasingly Poor Decisions of Todd Margaret.

     

    The network now produces six original comedies. The most recent, a spoof of prime-time soaps titled The Spoils of Babylon, starring Will Ferrell, Kristen Wiig and Tobey Maguire with several other famous names making cameos, began past week. Reruns of Arrested Development were also a key part of the transition.

     

    While there are plenty of places to find broad-based comedy on TV, IFC managers figured they could fill a niche with shows that are ‘slightly off’ – as IFC says in its tagline.

     

    IFC, owned by AMC Networks Inc, has also acquired movies that are anything but independent; over the holiday season it ran installments of the National Lampoon ‘Vacation’ comedies.

     

    Financially, it’s always detrimental for a network in creating its own original programming than in relying on movies that were originally produced for other venues.

     

    IFC has some surprises in store later this year with a new series, Garfunkel & Oates, starring the comic duo Riki Lindhome and Kate Micucci, and a second season of Maron, about the comic Marc Maron.

     

    Though IFC’s transition had been long time due, signing the documents striking off the name Independent Film Channel was still a significant move for the channel. Now what’s left to be seen is does it have an impact on its reach and viewership, only time can tell.

  • AMC Networks to acquire Chellomedia from Liberty Global

    AMC Networks to acquire Chellomedia from Liberty Global

    MUMBAI: Cable television networks’ AMC Networks has reached a definitive agreement to substantially acquire all of Chellomedia, the international content division of Liberty Global for €750 million (approximately $1.035 billion). The transaction is expected to close in the first quarter of 2014.

     

    The acquisition would bring AMC Networks a wide number of television channels on board that are distributed to more than 390 million households in 138 countries. The channels span a range of genres, including movie and entertainment networks, providing significant long-range opportunities for AMC Networks to distribute its popular original programming from AMC, IFC, Sundance Channel and WE tv across an expansive global footprint.

     

    “Chellomedia has developed a remarkable portfolio of popular channels that reach millions of people around the world. As AMC Networks has expanded internationally, we have had a great desire to do something we consider fundamentally strategic, which is to take our content and put it on channels we own. This acquisition allows us to secure a large, global platform on which to distribute our increasingly successful original programming through a collection of strong, well-established and well-managed assets worldwide,” said AMC Networks president and CEO Josh Sapan. “Together, we can grow these assets and make them even more popular and valuable around the world.”

     

    Chellomedia president Niall Curran said, “AMC Networks are content professionals with an excellent creative and business track record. They are highly enthusiastic about the business we have built at Chellomedia and are ambitious to develop it further, making AMC Networks a great owner and partner for Chello’s next phase of growth.”

     

    In addition to the AMC channel, AMC Networks also owns IFC and IFC Films, WE and the Sundance Channel.

     

    The agreement includes the acquisition of Chellomedia’s operating businesses including: Chello Central Europe, Chello Latin America, Chello Multicanal, Chello Zone, the ad sales unit Atmedia and the broadcast solutions unit Chello DMC.

     

    Chellomedia’s has many channels in various genres such as movies, entertainment, sports, children, lifestyle and documentary.
    Guggenheim Securities, LLC served as lead financial advisor to AMC Networks as well as providing capital structure and financing advice. Bank of America Merrill Lynch has provided a commitment for debt financing for the transaction and also served as financial advisor to AMC Networks. Legal advisors were Clifford Chance.

  • Night and Day Pictures and Rockford Entertainment sign six film deal

    Night and Day Pictures and Rockford Entertainment sign six film deal

    MUMBAI: Six low budget films are slated to be produced every year starting 2014. Budgeted at one to two million dollars per movie, it will be funded by Texas based investment firm Anubis Partners. The deal is between Michael Roff who owns Night and Day Pictures and investment banker Michael Gelmon’s Rockford Entertainment.

     

    Production of the first movie will start in the first quarter of 2014, which will be announced next month. The festival sales strategy will follow, which had previously led to Fox Searchlight pick up his movie Waitress from Sundance festival. Save the Date also got picked up by IFC after being shown at Park City.

     

    Night & Day’s upcoming slate includes Joss Whedon’s In Your Eyes, Lovesick starring Matt LeBlanc, and comedy Larry Gaye: Renegade Male Flight Attendant.

  • Anchor Bay Entertainment in home video distribution deal with AMC Networks

    Anchor Bay Entertainment in home video distribution deal with AMC Networks

    MUMBAI: After a partnership distributing US media company AMC‘s series, ‘The Walking Dead‘, Anchor Bay Entertainment has announced a new deal with AMC‘s parent company, AMC Networks, for home entertainment distribution across the company‘s networks including AMC, IFC and Sundance Channel. The home entertainment distribution output agreement includes future scripted series to be produced in-house by AMC, IFC and Sundance Channel.

    This includes the Sundance Channel scripted series, ‘Rectify‘ and AMC‘s recently greenlit original drama series ‘Low Winter Sun‘. The deal covers all US and Canadian distribution on DVD, Blu-ray and certain transactional digital distribution rights.

    Anchor Bay Entertainment president Bill Clark said, “AMC‘s ‘The Walking Dead‘ has quickly become our best-selling TV-on-DVD title to-date. AMC has been an exceptional partner over the last few years and we look forward to expanding our relationship to distribute future scripted drama series from AMC, IFC and Sundance Channel.”

    AMC Networks COO Ed Carroll said, “Anchor Bay has been a terrific partner on ‘The Walking Dead‘ and we look forward to continuing to work with them to extend the life of the series from AMC Networks‘ into the DVD and transactional digital marketplace”.

    AMC‘s ‘Low Winter Sun‘ and Sundance Channel‘s ‘Rectify‘ will be the first two releases under the new deal. ‘Low Winter Sun‘ is a co-production between Endemol Studios and AMC Studios. This is a story of murder, deception, revenge and corruption in a world where the line between cops and criminals is blurred.