Vickers Venture exits Singapore’s Asian Food Channel
Singaporean venture firm Vickers Venture Capital has exited its investment in the Asian Food Channel after it was acquired by USA’s Scripps Networks Interactive. The details of the transaction were not disclosed.
The Singapore - based Asian Food Channel reaches about 8 million subscribers in 11 markets. With the addition of the Asian Food Channel, Scripps Networks Interactive now has three lifestyle television brands. Broadscasting 24 hours a day, seven days a week, the channel generates revenues through regional and local advertising sales as well as fees from pay television operators.
Scripps said it made the acquisition with a view to strengthening its competitive position in Asia. "Asia and the rapid growth in pay television households throughout the region hold great promise for Scripps Networks Interactive and its international ambitions," said Kenneth W. Lowe, Scripps' chairman, president and chief executive officer in a statement.
AFC's initial investors when it launched in 2005 included family and friends in addition to Vickers. Later investors included investment firm Symphony International Holdings. The amount AFC raised was not disclosed.
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