JobStreet signs MOU with TV18 Group, to take 50 per cent stake in JobStreetcom India Pvt Ltd
Released on = April 7, 2006, 4:36 am
Press Release Author = Sonia/PRHUB
Industry = Human Resources
Press Release Summary = The JobStreet Group has signed an MoU with TV18 Group.The leading online recruitment company in Asia, JobStreet, has signed a MoU with Television Eighteen India Ltd. (\"TV18\"), India\'s leading news network, under which TV18 would be taking a 50% stake in JobStreet.com India Pvt. Ltd. - its Indian subsidiary.
Press Release Body = Bangalore, April 07, 2006 : JobStreet Corporation Berhad (\"JOBS\"), a leading online recruitment company in Malaysia, has signed an MOU with Television Eighteen India Ltd. (\"TV18\"), India\'s leading news network, for TV18 to take a 50% stake in its Indian operation, JobStreet.com India Pvt. Ltd. JOBS is listed on the Mesdaq market of Bursa Malaysia. TV18 will initially infuse US$2 million in cash and provide on-going media support to the business. With this investment into JobStreet.com India, TV18 enters the e-recruiting market, which is growing at a very fast pace in India. The move is in line with the Group\'s increasing focus on the growing Internet opportunity in India. To JobStreet, this partnership meets its objective of combining its award winning e-recruitment solution with a strategic local leader with media assets, which has proven to be a winning formula.
Commenting on the acquisition, Haresh Chawla, TV18 Group CEO said, \'We expect to strengthen our presence in the consumer Internet space with this acquisition - this is part of our strategy to expand our offering to Indian consumers by exploiting the growing power and reach of the Internet. Over the last five years, TV18 has consistently invested in and built successful Internet franchises in India. The Group already owns India\'s most widely used and influential online platforms - moneycontrol.com, commoditiescontrol.com, poweryourtrade.com and ibnlive.com. The Group has also recently seeded yatra.in in partnership with Norwest Venture Partners (NVP) - Promod Haque\'s leading venture capital firm, which aims to revolutionise the travel services space in India. With JobStreet.com India, we will bring value to millions of job seekers in India. We are delighted to partner with JobStreet in this exciting venture.\"
Mark Chang, CEO of JOBS says, \"We are very pleased to tie up with TV18. This partnership is a key milestone for our operations in India. TV18 is one of the leading media companies in India with a very solid audience franchise and a focus on the Internet, which is directly aligned with our growth strategy. In India the online recruitment space is growing rapidly. We are confident that with this partnership, JobStreet.com India will be able to reach out to more jobseekers and provide them with increased opportunities for career advancement. We expect to leverage TV18\'s media network and business capabilities to strengthen our brand in India and build higher visibility to candidates.\"
About TV18 Group Television Eighteen (TV18) is India\'s premier general, business and consumer news broadcaster (CNBC-TV18, CNN-IBN, Awaaz and IBN 7) and a leading media content provider. Between its four television channel offerings, TV18 reaches out to more than 70 million adult Indians. TV18 is also India\'s only television company to have identified and built upon a variety of information and transactional services based on the Internet. moneycontrol.com is India\'s most influential and widely used financial, business and investor platform with more than 5 million users. TV18 has also invested in a variety of new, high growth areas like commodities information service (commoditiescontrol.com), general news (ibnlive.com), paid equity news and information (poweryourtrade.com), online travel services (yatra.in) and now JobStreet.com India. TV18 is among the fastest growing media companies in India with a CAGR of almost 100% since its inception in 1993. Among TV18\'s promoters are Raghav Bahl, one of India\'s foremost television journalists and a brand in his own right, and Sanjay Ray Chaudhuri - television\'s creative phenomenon and creator of The India Show (more popularly known as The Amul India Show).
About JobStreet JobStreet operates the JobStreet.com online recruitment websites covering the employment markets in India, Malaysia, Singapore, Philippines and Indonesia. The Group currently services over 20,000 corporate customers and 3.0 million jobseekers. It is also a leading supplier of Applicant Tracking Solutions in the region. For the year ended 31 December 2005, the JobStreet.com Group achieved sales growth of 57% to approximately US$14.8 million resulting in growth in net profit of 64% to approximately US$4.5 million.
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