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Star India acquires Maa TV channels
In a significant development, Star India owned by global media mogul Rupert Murdoch has bought the entire broadcasting business of the city-based Maa Television Network Limited (MTNL) for an undisclosed sum. MTNL operates four Telugu channels that include popular Maa TV, Maa Music, Maa Gold and Maa Cinema.
Hyderabad: In a significant development, Star India owned by global media mogul Rupert Murdoch has bought the entire broadcasting business of the city-based Maa Television Network Limited (MTNL) for an undisclosed sum. MTNL operates four Telugu channels that include popular Maa TV, Maa Music, Maa Gold and Maa Cinema. Serial entrepreneur Nimmagadda Prasad owns 65 per cent stake in the company in which actors Chiranjeevi (20 per cent stake) and Nagarjuna (10 per cent) are also among the shareholders.
- Nimmagadda, Chiru, Nagarjuna held about 95% stake in it
- Rupert Murdoch co forays into 2,000-cr Telugu TV mkt
They reportedly invested a total of Rs 130 crore into the channels till now. Though there is official communication on the deal size, Star India has reportedly offered Rs 2,500 crore for the acquisition which marks its foray into the Rs 2,000-crore Telugu television industry. “The acquisition will give us access to the highly attractive Telugu TV market where Star has a very limited presence till now,” Uday Shankar, CEO, Star India, told media here on Wednesday, after announcing deal.
Star India is a part of Nasdaq-listed 21st Century Fox. Pointing out that the pace of innovation had been slow in Telugu television market, Shankar said: “We are keen to change this by acquiring a local presence and fundamentally changing the content quality paradigm”.
The deal would 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. “We see a lot of synergies and complementary strengths emanating from the deal and it will be a win-win proposition for Maa and Star,” said Nimmagadda Prasad Telugu TV viewers will stand to gain significantly from this initiative through greater access to a wide variety of qualitative entertainment content, he added.
Maa TV commenced operations way back in 2002, but Prasad took over it in 2007 along with his associates. Prior to that, he sold Matrix Laboratories, the pharmaceutical company he founded, to US-based Mylan in 2006, receiving Rs 550 crore for his 12 per cent stake.
Subsequently, Prasad nurtured Maa TV into a major entertainment group with its current market share estimated at 27 per cent. Though he and other shareholders sold the entertainment business of the company to Star India, they retained the holding entity, MTNL. However, they did not disclose future business plans of the company.
