Sony to pay $271M to boost stake in India TV firm

AP News
Posted: Jun 14, 2012 2:56 PM
Sony to pay $271M to boost stake in India TV firm

Sony Corp.'s television subsidiary is boosting its majority stake in Indian pay TV operator Multi Screen Media Private Ltd. for $271 million in cash.

Sony Pictures Television said Thursday it had agreed to buy 32 percent of the shares in the company from Grandway Global Holdings Ltd. and Atlas Equifin Private Ltd. That will boost Sony's stake to over 94 percent.

Multi Screen Media operates television networks in India including the Hindi language entertainment channel Sony Entertainment Television, movie channel Max, music channel Mix and other channels.

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The deal is subject to government approval.

Sony agreed to pay $145 million by the close of the acquisition by the end of December. The remaining $126 million is to be paid in three equal installments each year starting in 2013.