Sony Pictures Television in India has entered a strategic alliance with regional network MAA TV, in order to grow the latter's Telugu channel portfolio.
Sony Pictures or its affiliates will be able to acquire 30% of equity in MAA TV, should a definitive agreement be reached and statutory approval granted. Shareholders of both companies have already given consent to the move.
"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," said Manjit Singh, chief executive, Multi Screen Media – which runs Sony Pictures in India.
"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," added N Prasad, chairman, MAA TV.
If the alliance gains approval, MAA TV will retain its current management structure, according to Business Standard, with Sony's involvement restricted to that of strategic investor and content provider to the Hyderabad-based TV network.
Four promoters together control 95% of the equity capital in MAA TV currently. Namely entrepreneur and former head of Matrix Laboratories, N Prasad; actor turned politician K Chiranjeevia; his brother in law Allu Arvind; and actor Nagarjuna Akkineni.