The acquisition would give Star India access to the Telegu TV market.
Star India Pvt. Ltd, a unit of 21st Century Fox, on Wednesday announced the acquisition of Telugu television channel network Maa TV.
The acquisition would give Star India access to the Telegu TV market—the second largest regional market in India in terms of revenue potential, said the company.
Maa Television Network Ltd has a strong trajectory of growth driven by fiction content and movies.
“The Telugu market is an important market however the pace of innovation has been slow. We are keen to change this by acquiring a local presence,” said Uday Shankar, CEO, Star India. “We were very impressed by the solid creative core and quality and depth of the management team at Maa Television Network. In a short span of time they have built a leading business which is poised to take the next leap. The acquisition fills a vital gap in our portfolio, allowing our advertisers targeted access to a critical market.”
The strategic deal will come into effect upon complying with the necessary regulatory formalities and the broadcast business of Maa TV will be integrated with the business of Star India, once the policies and procedures in the acquired broadcast business of Maa TV are aligned with those at Star India.Source: Livemint.com