Broadcast Worldwide will have at least two more co-promoters. Basu, who ischairman of the new company, told The Financial Express that thecompany would have four to five promoters, including him.

Basu said two other partners had been finalised but did not reveal thenames. Industry sources said Basu has been in talks with some top corporatehouses including Reliance and Ispat groups.

"We have decided on the other partners but will make the formal announcementat the appropriate time," he said.

Murdoch's News Corporation had announced formation of the new joint venturewith Basu on Monday for development and production of multi-media contentand other related activities.

Basu will quit as the executive head of News Television India, NewsCorporation's Indian subsidiary, but continue as its non-executive chairmaneffective January 1, 2000. News Television India's chief executive PeterMukherjea will assume Basu's duties and be responsible for all STAR TVactivities in India.

News Corporation did not divulge its equity holding in Broadcast Worldwidebut industry sources said it would not be above 20 per cent.

Basu has been News Corporation's senior-most executive in India sinceNovember 1996.

"I will always remain closely associated with NewsCorp and STAR. This newventure is a logical extension of that relationship. It is gives me a chanceto take an entrepreneurial approach to the content needs of the new digitalplatforms," Basu said on the formation of the new company.

STAR TV's chairman and chief executive Gareth Chang, who is also theexecutive director of News Corporation said: "We are delighted to be asupporter of Mr Basu's new company. He has shown great leadership at STARand we look forward to developing exciting new products and business withhim in the future."

NewsCorp chairman Rupert Murdoch said: "We are all very grateful for Basu'sefforts in building our business in India and I am excited about theopportunities in working with him in this new venture."

NewsCorp is one of the world's larget media companies wuith total assets ofapproximately $36 billion and total annual revenues of approximately $14billion.