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Exclusive: TV 18 Group Acquires Mumbai Interactive Agency Urban Eye

Exclusive: Interactive advertising space is getting hotter. Television Eighteen Group, a leading Indian TV and internet media company, has acquired Mumbai-based interactive ad agency Urban Eye Media. The deal is through, however, an official announcement is expected only sometime next week, sources close to the development told ContentSutra. We could not ascertain the financial terms of the deal, so we are not hazarding any guess. However, we know this much: It’s a multi-year, part cash-and-part stock deal. Urban Eye CEO Rishi Khiani could not be contacted for comments.
The eight year old agency is a high-end web design and solutions company. They have done over 500 web-related projects for clients like The Aditya Birla Group, Baylor University, Bates, Mahindra & Mahindra, MTV, and Norwest Venture Partners, besides CNBC-TV18. For instance, Urban Eye has done the Yatra India project- where TV 18, Reliance Capital and Norwest Venture Partners have invested.
How does the acquisition fit in with TV 18’s business? TV 18 has huge web plans. They have demerged their web business into a separate company – Web 18. Urban Eye is likely to be a major component of Web 18. So we can expect a lot of web projects – designed and executed by Urban Eye – being launched from the TV 18 platform. TV 18 group had announced revenues of $1 million in the first quarter of this year solely from its internet businesses. Way to go! (This story was originally posted on August 14, 2006)
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