Canadian entertainment distributor Knightscove is to acquire 51% of the Toronto-based FDR Media Group, which broadcasts Hindi and English programming across North America via its Mehndi TV and Bollywood Times channels.
Pending regulatory approval from the Canadian Radio-television and Telecommunications Commission (CRTC) and the TSX Venture Exchange, the acquisition will set Knightscove Media Corp back $1,000,000, through the issuance of ten million Knightscove units, priced at $0.10 per unit.
FDR's Mehndi TV HD is targeted at Canadian women of South Asian descent, while Bollywood Times HD claims to be North America's first high definition channel 'showcasing the latest and greatest blockbusters'. Content is provided by Indian producers Zee TV, Eros Films, the Viacom 18 channel Colors, and Sanjeev Kapoor's Food Food, among others.
Both channels, which will become subscription-based on 15 March 2012, currently reach 3.5 million Canadian cable TV homes.
Approval has also been granted for FDR to launch five new speciality channels, including the Hindi Children Channel, aimed at South Asian kids from three to ten, and the predominantly Hindi language Masala TV cooking channel. A third proposal, Channel Q, will be an English-language HD lifestyle channel for Canada's Muslim community.
These three, plus the remaining two channel proposals, are expected to launch within the next six months once carriage deals have been arranged.