Discovery Communications has called off the acquisition of Chef Sanjeev Kapoor-owned food specialty network FoodFood seven months after entering into the agreement.
“At this time, we can confirm that we are not entering into the partnership with FoodFood as announced earlier this year. India remains a global priority market for Discovery and we will continue to explore opportunities as we expand our business and accelerate our strategic growth investments here.” said Discovery Communications in a company statement.
FoodFood was launched in 2011 via Turmeric Vision Pvt. Ltd as a JV between Sanjeev Kapoor, Astro Overseas Ltd and Mogae Consultants.
Incidentally, starting April 1, Food Food had already given its ad sales mandate to Discovery.
Launched in January 2011, FoodFood has seen an investment of $30 million (around Rs 180 crore).