Den Networks said it sold its home shopping channel to Pimex Broadcast Private Limited based in Noida.
Den entered the business under a joint venture with Jasper Infotech, the holding company of e-commerce firm Snapdeal.com, two years ago.
“The name of DEN and Snap deal will be dropped off from the branding,” said the cable network, which has been facing losses in the new venture.
Pimex is promoted by Vijender Singh, who has “over 15 years of entrepreneurial exposure”.
Singh is a director of Pantel Technologies, which is famous for selling tablets, especially to BSNL users.
“Pimex will own 100% shareholding of Macro.. (It) will take over all the existing liabilities & dues of Macro and both together aspire to be one of the significant players in the TV shopping business,” the cable network said.
At present, the business is dominated by Naaptol.
“Den has already made provisions for its investment in Macro in its books of accounts in the previous financial year and hence, there will not be any further impact in the profit and loss account.”
DEN, like other cable networks, is facing increasing pressure due to the impending launch of JioFiber, the fiber network of Reliance Jio promoted by Mukesh Ambani.
Unlike other cable networks, Jio will support rewinding of TV channels without any extra equipment or Internet connection, and will also offer cheap high-speed broadband plans.
The launch of JioFiber is expected to cause havoc in India’s cable and broadband sector similar to what was seen in the mobile sector, where Jio’s 4G services has pushed all existing players in heavy losses.
“With this Sale DEN will now be focussing on the Indian Cable and Broadband Industry,” the company said.
DEN is one of India’s leading cable TV distribution company reaching an estimated 13 million households in over 200 cities across 13 key states in India.