The tie-up would enable SPT or any of its affiliates to acquire the equity stake in MAA TV on signing the definitive agreement, subject to obtaining necessary approvals from the concerned statutory authorities, MAA said in a statement. A MAA spokesperson said Sony has appointed an internal team for the due diligence after which value of the stake will be determined.
Former owner of Matrix Labs N Prasad, Congress MP Chiranjeevi, Tollywood actor Nagarjuna Akkineni and producer Allu Arvind together hold 95 per cent of the company's equity capital at present.
Manjit Singh, CEO of MSM India, responsible for Indian operations of Sony Picture Television, said "an alliance between SPT and MAA TV will provide strategic opportunities for both the companies, as well as great viewing for television audiences in India. We look forward to a prosperous relationship for all."
MAA Television Chairman N Prasad said, "with Sony as a strategic partner on board, Telugu viewers can expect more and more quality programmes and family viewing from MAA TV network of channels". The majority shareholders of MAA Television Network and SPT have signed a Letter of Interest to this effect, the statement said.
"In terms of all performance indicators, MAA TV is one of the best companies in Indian media industry. The strategic alliance with SPT would further consolidate MAA TV's position in the industry," said MAA TV Director Ramakrishna.