MUMBAI: The directors of Media Factory have just announced that they have purchased the majority stake held by Sam and Lara  Balsara of Madison World in Madison Media SriLanka and the company will now become a fully owned subsidiary of Media Factory. With this, the Balsaras have exited the Sri Lanka business. Sam Balsara has also resigned as a director and the company’s name has been changed to Midas Media.

Both parties have agreed that Midas Media and its affiliates, associates and owners, Media Factory will immediately stop using the Madison name in any manner whatsoever nor claim ownership to the name Madison. It was further announced that Sam and Lara Balsara and Madison in India or Sri Lanka will no longer be liable for any actions or financial liabilities or damages past, present or future of the company nor will they benefit from any financial assets or accruals to the company of the past, present or future for which they have not been compensated. The duo will also not claim any right or ownership to the name Midas Media.

Madison World India chairman Sam Balsara said, “We entered the Sri Lanka market 12 years ago with the launch of Airtel in the country. Over the years we have built some great relationships both personally and professionally and I hope to continue those. I wish the current directors of Media Factory and Midas Media all the very best.”

Media Factory director Kapila Vidanagamage said, “Our relationship was based on mutual trust and respect. We understood the expectations at a very early stage and were able to deliver to the complete satisfaction of our local clients, but more importantly our partners in India. I would like to thank Sam and Lara for their trust and eventual friendship and would like to wish them both the best in all their future endeavours.”