Ajit Andhare steps down as Colosceum Media CEO

MUMBAI: Ajit Andhare, the founder and CEO of Colosceum Media, has decided to step down from the post.

Andhare will, however, continue to be associated with Colosceum as a director and mentor to the team. Without divulging any details, Andhare said he is moving on.

"This is a day of mixed emotions for me. Building Colosceum from scratch into one of the India?s leading studios has been a very fulfilling journey as a professional turned entrepreneur," Andhare said in a statement.

The production house best known for properties like MTV Roadies and Splitsville has appointed Lalit Sharma as chief operating officer and Rajiv Lakshman as chief creative officer.

Sharma and Lakshman, who have been a part of the founding team, will assume the responsibility as co-heads of the company. They are now set to steer the company to its next phase of growth and innovation.

The development gives credence to the rumours doing the rounds in the industry that Andhare is looking to offload his stake in Colosceum.

Andhare, it is believed, is keen on selling his stake in the company but that is if the valuation is right.

Capital18, which is a majority shareholder in Colosceum with 90 per cent stake, is also looking to bring down its stake in the company as part of its strategy to profitably divest stake in non-broadcasting businesses.

Capital 18 CEO Satbir Singh refused to comment. All that he said is,"We are constantly on the lookout to monetise our investments."

Andhare along with Lakshman owns the remaining 10 per cent stake.

The buzz in the industry is Mukul Deora?s Watchtower Entertainment, which was behind Bheja Fry2, is eyeing a stake in Colosceum.

A source close to the development says, "Watchtower Entertainment is keenly interested in Colosceum. KPMG is doing the due diligence for the company."

Colosceum is believed to have done a cumulative turnover of Rs twobillion in five years.