April 12, 2012

Sony to buy 30% stake in MAA TV

Sony Pictures Television (SPT) is all set to acquire a 30 per cent stake in Hyderabad-based MAA Television Network and its range of Telugu channels, which will give a big boost to the TV giant.

Once the process of acquisition is met, the current management of MAA TV would continue to function, while Sony Pictures will remain a strategic investor and content provider to MAA TV.

At present, Former owner of Matrix Labs, N Prasad, South actors Chiranjeevi and Nagarjuna and producer Allu Arvind jointly hold 95 per cent of MAA TV’s equity capital.

After signing an agreement in this context and obtaining necessary approvals from the statutory authorities concerned, the contract would allow Sony Pictures or any of its affiliates to acquire 30 per cent equity stake in MAA TV. The whole process is expected to be completed within two months.

At present MAA TV, the 10-year-old Telugu TV network has four channels; a general entertainment channel, a music channel, a movie channel and a youth channel. The biggest asset of MAA TV is the satellite telecast rights for about 700 Tollywood blockbuster movies.

Presently, Sony Pictures has 120 channel feeds that are broadcast in 159 countries.

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