MAA TV, Sony Pictures Television strategic alliance
MAA Television Network Limited, a leading Telugu General Entertainment Channel (GEC) and Sony Pictures Television (SPT) today announced 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 per cent 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, MAA TV Senior General Manager Mr Singa Rao said in a release here. Mr N Prasad, the main promoter and Chairman of MAA TV, erstwhile PRP President Mr K Chiranjeevi, Mr Nagarjuna Akkineni and Mr Allu Arvind, the four main promoters of MAA Television Network Limited, together control about 95 per cent of the company’s equity capital at present. Sony Pictures Television’s Indian operations CEO of MSM India Manjit Singh said the alliance between SPT and MAA TV would provide strategic opportunities for both companies, as well as great viewing for television audiences in India.
Commenting on the proposed strategic alliance, actor-turned politician K Chiranjeevi, one of the promoters of MAA TV, said Under the visionary guidance of Mr N Prasad, MAA TV had grown from strength to strength in the last few years to become a leading Telugu GEC Network with a bouquet of four channels. With the new initiative, MAA TV is all set to enter into a new growth orbit in Telugu TV space, Mr Nagarjuna Akkineni and Mr Allu Arvind, the promoter Directors of MAA TV said. MAA TV Director C Ramakrishan said in terms of all performance indicators, MAA TV was one of the best companies in Indian media industry and the strategic alliance with SPT would further consolidate MAA TV’s position in the industry. In terms of programme ratings, MAA, the main GEC, was among the top 20 TV channels in India, the release added.