Madison to pick majority stake in Sunil Gavaskar's PMG

Media and advertising agency Madison will acquire a majority stake in cricket's "little master" Sunil Gavaskar's sports management company, Professional Management Group (PMG). An announcement to this effect is expected to be made soon.

Sources close to the development said, “Madison will invest in expanding the business, while PMG’s expertise will be used to usher in growth.”

One of the first sports management companies in the country, PMG’s various achievements include the Ceat Cricket Ratings - India’s first cricket awards, The Castrol Indian Cricket Awards and the Signature Club Golf Championship.

The acquisition will mark Madison’s foray into the sports genre which is emerging as a hotspot for most advertising companies. Madison, which was founded by Sam Balsara in 1988, already operates in the advertising, public relations, media verticals, among others.

UTV plans biz news channel

Ronnie Screwvala-promoted UTV Software Communications is in talks with the Walt Disney-owned American Broadcasting Company News (ABC News) for launching a business news channel.

Sources in the know said the foreign media company would pick up a minority stake in the venture and provide technical support. The laws allow a foreign company to pick up a maximum 26 per cent stake in a news venture.

The discussions were at an advanced stage, and the deal would be announced shortly, they said. Walt Disney holds 14.85 per cent stake in UTV as on March 31, 2007.