CineMaya Media Group, the leading South Asian media, entertainment and advertising company that also publishes the North American edition of Indian Express, has been acquired by Caltas Fitness.
'We are extremely pleased to have been acquired by Caltas Fitness,' said New York-based CineMaya CEO Sunil Hali Wednesday.
'Our company has experienced more than 30 percent growth in each of the three preceding years and now we have the opportunity to take it to greater levels through a company that is already publicly traded.'
The 2006 revenues of CineMaya exceeded $4.25 million. In its six years of operation, the company has already achieved profitability and is recognised as an industry leader within its highly specialised market, a Caltas Fitness release said.
CineMaya's assets include a plethora of media properties. Besides the Indian Express, the company also publishes the North American edition of Divya Bhaskar, a Gujarati daily. CineMaya is involved in providing television and radio broadcast stations high quality programming of interest to Indians.
CineMaya's full service advertising agency and wholly-owned subsidiary, Elephant Advertising, serves top tier corporate clients from the US and India seeking to penetrate the fastest growing and wealthiest community (per capita) in North America.
A formal name and symbol change is expected to be announced in the near future to reflect the union of CineMaya Media into Caltas Fitness.
