Saregama buys 10% stake in Timbre Media

Entertainment major Saregama India today said it has picked up 10% stake in Timbre Media, a company floated by ex-Worldspace Radio employees for an undisclosed sum.

The two parties will also partner to provide a variety of genre-based radio channels to the Indian market.

"The two companies plan to use content from Saregama's extensive library, as well as from other popular labels to provide 24-hour stations of Indian music...," the companies said in a joint statement.

The music choice will range from old Hindi films, Hindustani classical, Carnatic classical, new Hindi music, ghazals and stations in all major Indian languages, it added.

The companies also plan to leverage on the distribution network of Saregama and the Timbre Media-developed content to target the digital domains of mobile, Internet and Direct-to-Home television services.

"This is a very logical alliance for Saregama as it takes us to the next stage in the value chain with our content. We believe that there is still a very loyal customer base that appreciates the quality that the Timbre team provided
previously on Worldspace," Saregama India Business Head (Music) Adarsh Gupta said.

Timbre Media Co-founder and CEO M Sebastian said since early 2010, the firm has established critical infrastructure needed for high quality services, including new studio facilities in Mumbai and Bangalore.

"We have been steadily building partnerships and clientele in the radio and music industry," he added.

Satellite radio service WorldSpace had stopped its services in the country in 2009, following its parent firm WorldSpace Inc's bankruptcy in October 2008.