Sony Pictures Television (SPT), an indirect, wholly-owned subsidiary of Sony Pictures Entertainment, has signed an agreement to acquire approximately 32 percent stake held by Atlas Equifin Private and Grandway Global Holdings stake in Multi Screen Media (MSM). MSM operates six channels under the Sony Entertainment Network: Sony Entertainment Television (SET), Max, Sab, Pix, Mix and Six.
The agreement, subject to government approvals, will bring SPT's interest in MSM to a little over 94 percent. The transaction is expected to close by December 2012.
Commenting on the development, Andy Kaplan, president, worldwide networks, SPT, said, "SPT has enjoyed great success with our channels in India and this acquisition further demonstrates our commitment to entertaining Indian audiences. We'd especially like to thank Grandway and Atlas for their entrepreneurial spirit that helped to get this venture off the ground 17 years ago."
Under the terms of agreement for the acquisition, SPT will make an aggregated payment of USD 271 million to Grandway and Atlas post government approvals.