Sony Pictures to acquire 30% stake in MAA TV

The majority shareholders of MAA Television Network and SPT have signed a Letter of Interest (LoI) to this effect.

Apr 09, 2012 02:04 IST India Infoline News Service

MAA Television Network Limited and Sony Pictures Television (SPT) are pleased to announce their joint intent to enter into a strategic alliance to give a new growth thrust to MAA TV and its network of Telugu TV channels.
The strategic alliance would enable SPT or any of its affiliates to acquire 30% equity stake in MAA Television Network Limited on signing the Definitive Agreement and subject to obtaining necessary approvals from the concerned statutory authorities. The majority shareholders of MAA Television Network and SPT have signed a Letter of Interest (LoI) to this effect.
N Prasad, K Chiranjeevi, Nagarjuna Akkineni and Allu Arvind, the four main promoters of MAA Television Network Limited, together control about 95 % of the company’s equity capital at present.
Manjit Singh, CEO of MSM India, Sony Pictures Television's Indian operations, said, "An alliance between SPT and MAA TV will provide strategic opportunities for both companies, as well as great viewing for television audiences in India.  We look forward to a prosperous relationship for all."
Sharing happiness on the development, N Prasad, the Chairman of MAA Television said: “This indicates S
PT’s faith in MAA TV as a leading Telugu General Entertainment Channel (GEC) network and the growth potential of the regional TV firmament. With Sony as a strategic partner, Telugu TV viewers can expect more and more quality programmes and family viewing from MAA TV network of channels. It will be a win-win formula with many complementary benefits”.  “Besides, such transaction should infuse confidence and augur well for the industry across all sectors”, he added.
Commenting on the proposed strategic alliance, K Chiranjeevi, one of the promoters of MAA TV said: “Under the visionary guidance of N Prasad, MAA TV has grown from strength to strength in the last few years to become a leading Telugu GEC Network with a bouquet of four channels.”
Nagarjuna Akkineni and Allu Arvind, the promoter Directors of MAA TV, said: “With the new initiative, MAA TV is all set to enter into a new growth orbit in Telugu TV space. Telugu TV viewers can expect successful international entertainment formats.”
C. Ramakrishna, Director of MAA TV, said: “In terms of all performance indicators, MAA TV is one of the best companies in Indian media industry. The strategic alliance with S
PT would further consolidate MAA TV’s position in the industry.”

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