Sony Pictures Television popularly known as Sony TV is all set to handover MAA TV from June 2nd. The Hindi TV giant reportedly acquired a major share of 30% MAA TV and the other channels in the network for a whopping 1800 Crores.
However the current management of MAA TV would continue even after June 2nd. Sony Pictures will remain as the strategic investor and content provider for the MAA network.
The four main promoters of MAA TV— entrepreneur and former chief of Matrix Laboratories, N Prasad, actor-turned-politician K Chiranjeevi, his brother-in-law Allu Arvind and actor Nagarjuna Akkineni — together control 95 per cent of the company’s equity capital before the deal.
It is said that majority of Nimmagadda’s share is being sold out. MAA TV and Sony signed a definitive agreement couple of months ago. They have also acquired necessary approvals from the statutory authorities concerned.