Sony Pictures Television (SPT) has announced that it will buy a 30 percent stake in Maa Television Network.
According to a strategic alliance made by the two companies, SPT or any of its groups will be able to purchase the stake on signing the "Definitive Agreement" and subject to obtaining necessary approvals.
SPT has signed a Letter of Interest (LOI) with the majority shareholders regarding the deal. Currently N Prasad, K Chiranjeevi, Nagarjuna Akkineni and Allu Arvind, together control about 95 per cent of the the regional broadcaster’s equity capital.
Maa TV Network had launched its Telugu general entertainment channel Maa TV in 2002. The company also owns Maa Music which was launched in 2008 and Maa Movies and Maa Juniors which were launched in 2011.
The company closed down Maa Juniors earlier in January this year and replaced it with Maa Gold in February.