Hyderabad-based MAA Television Network Ltd and Sony Pictures Television have entered into a strategic alliance to give a growth thrust to MAA TV and its network of Telugu television channels.
The tie-up would enable Sony Pictures or any of its affiliates to acquire 30 per cent equity stake in MAA TV on signing a definitive agreement and subject to obtaining necessary approvals from the statutory authorities concerned. The majority shareholders of the two companies have signed a letter of interest to this effect.
A MAA TV spokesperson told Business Standard that the financial details in this regard were expected to be finalised in a couple of months. The current management of MAA TV would continue to function, even after acquisition by Sony Pictures or its affiliates. Hence, the alliance is such that Sony Pictures remains a strategic investor and content provider to MAA TV.
The four main promoters of MAA TV— entrepreneur and former chief of Matrix Laboratories, N Prasad, actor-turned-politician K Chiranjeevi, his brother-in-law Allu Arvind and actor Nagarjuna Akkineni — together control 95 per cent of the company’s equity capital at present.
“An alliance between Sony Pictures and MAA TV will provide strategic opportunities for both companies, and great viewing for television audiences in India. We look forward to a prosperous relationship for all,” Manjit Singh, CEO of Multi-Screen Media India, Sony Pictures’ Indian operations, stated in a press release on Monday.
“This indicates Sony Pictures’ faith in MAA TV as a leading Telugu general entertainment channel network and the growth potential of the regional TV firmament. With Sony as a strategic partner, Telugu TV viewers can expect more quality programmes and family viewing from the MAA TV network of channels,” MAA TV Chairman Prasad said.