Sony Pictures Television (SPT), an indirect wholly-owned subsidiary of Sony Pictures Entertainment, has signed an agreement to acquire approximately 32 percent of the shares of Multi Screen Media (MSM). At present, Grandway Global Holdings (Grandway) and Atlas Equifin Private (Atlas) hold these shares. The agreement, subject to government approval, will bring SPT’s interest in MSM to a little over 94 percent. The closing for this transaction is expected to take place by the December 2012.
“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,” Andy Kaplan, President, Worldwide Networks, SPT said in a prepared statement.
MSM owns Hindi general entertainment channels Sony Entertainment Television Hindi movies channel Max; Sab, a Hindi channel focusing on entertaining modern India; Pix, a channel that airs Hollywood movie product; Mix, a dedicated music channel and the recently launched sports channel Six.
Under the terms of the agreement for this acquisition, aggregate cash consideration of USD271 million will be paid by SPT to Grandway and Atlas, subject to receipt of any necessary government approval, with USD145 million expected to be paid by SPT at the closing of the acquisition by the end of December 2012 and the remaining USD126 million to be paid in three equal annual instalments starting from the fiscal year ending March 31, 2014. A substantial portion of the impact from this acquisition has already been included in Sony Corporation's consolidated financial forecasts for the fiscal year ending March 31, 2013 and no material impact from this acquisition is anticipated on such forecasts.
Sony Pictures Television is a television industry content provider. It produces and distributes programming in every genre, including series, telefilms, theatrical releases and family entertainment around the world and for every platform: broadcast and cable television, first-run and off-network syndication and digital distribution.
In addition to one of the industry’s largest libraries of feature films and television shows, SPT boasts a current program slate that includes the top-rated daytime dramas and game shows, landmark off-network series, original animated series and critically acclaimed primetime dramas, comedies and telefilms. Internationally, SPT produces 6,000+ hours of programming annually in over 70 countries. SPT is a leader in local language productions, some of which are produced with local partners, and sells SPE-owned formats around the world.