MUMBAI: In a bid to expand its reach in the Hindi entertainment space Sony has entered into a deal to acquire Sab TV for $ 13 million (approximately Rs 570 million).
The deal with television content provider Sri Adhikari Brothers Television Network Limited (SABTNL) will see SET Satellite (Singapore) Pte Ltd acquiring the SAB TV brand as well as 1305 hours of library content (representing 20 per cent of SAB TV's library).
In addition SABTNL will enter into a programme deal with Sony to supply content worth Rs 750 million that runs for five years. SABTNL states that the deal will have no impact on its equity pattern as well as the management structure. Assets like land, machinery, building, equipment will remain with SABTNL.
Speaking to indiantelevision.com, SET India COO NP Singh told indiantelevision.com that Sony had done a pick and choose as regards the programming properties it had acquired from the Adhikaris.
All the titles that had been taken up were in the comedy genre, notable among them being celebrated shows like Office, Office and Yes Boss.
SABTNL has announced that the funds generated from the deal will go towards creating and upgrading infrastructure like production and post production studios.
The Adhikari brothers are, however, not exiting the channel business. On the anvil are plans to launch current affairs and news channel "Janmat" and Marathi entertainment channel "Mi Marathi". The company has announced that the two channels will be up and running by May. SABTNL will be supplying content to both channels.