Sony Pictures Television (SPT) has decided to acquire 30% stake as part of a strategic alliance with the Hyderabad-based MAA Television Network and its bouquet of Telugu channels. The tie-up would enable SPT or any of its affiliates to acquire the equity stake in MAA TV on signing the definitive agreement.
In a statement, MAA TV said, ?The alliance would enable SPT or any of its affiliates to acquire 30% equity stake in MAA Television Network 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 to this effect.?
The company did not provide details on the value of the deal. Sony has appointed an internal team for due diligence and determining the value of the stake, sources said. This process is expected to be completed in about a month’s time.
