Sony Pictures Television (SPT), an indirect wholly owned subsidiary of Sony Pictures Entertainment Inc, will buy around 32 per cent of the shares of Multi Screen Media Private Limited (MSM) that are owned by Grandway Global Holdings Limited and Atlas Equifin Private Limited.
SPT will pay $271 million (about Rs 1,512 crore) in cash to Grandway and Atlas subject to government approvals.
While $145 million is likely to be paid by December when the transaction is expected to close, the remaining $126 million will be paid in three equal annual instalments starting from the fiscal year ending March 31, 2014.
It will raise SPT’s interest in Multi Screen Media to a little over 94 per cent.
“SPT has enjoyed great success with our channels in India and this acquisition further demonstrates our commitment to entertaining Indian audiences,” said Andy Kaplan, president, worldwide networks, SPT.
Source: Telegraph