Tata Communications has announced the acquisition of The Switch Enterprises, a New York-based video coverage platform.
The Switch was founded in 1991 with an aim to connect viewers to live events by bringing content across linear TV, on-demand and streaming platforms.
The acquisition came about through Tata Communications' (Netherlands) wholly owned international subsidiary. The closing of the deal involved the cash transaction of INR 486.3 crore post customary adjustments and regulatory approvals.
Dhaval Ponda, global head of media and entertainment business, Tata Communications will head the new business.
The company had decided to acquire a 100% stake in the platform on 22 December 2022.
Tri Pham, chief strategy officer, Tata Communications, said, “Immersive video experiences in real-time are going to be the next game changer for enterprises, and our combined expertise will make for a formidable force creating shared value for all. We’re gearing to bring more powerful platforms for sports federations and broadcasters to help them deliver fast-paced, always-on and interactive entertainment forms for viewers across borders. We’re extremely pleased to welcome The Switch team to Tata Communications.”
Ponda added, “Tata Communications and The Switch are now a powerhouse with the combination of live production capabilities, global edge platform dedicated for media & entertainment industry along with end-to-end managed services. These are exciting times in the world of video production for us to make a difference for enterprises and engage consumers. Together, we are leveraging the expertise of both companies to bring some never-before-known experiences for fans globally – whether they are playing esports, watching a live tournament or live streaming a concert. We welcome and wish our colleagues from The Switch all the very best for their future.”
Eric Cooney, president and CEO, The Switch, said, “The Switch is a market leader offering live production and transmission services to hundreds of customers in the United States and abroad. This acquisition by Tata Communications is a key milestone in our growth journey and enables us to expand our horizons. Together with Tata Communications, we are excited to step up our customers’ growth journeys, enhance viewer experiences and expand globally.”