Mumbai, India and Culver, California – Sony Pictures Television (SPT), an indirect wholly-owned subsidiary of Sony Pictures Entertainment Inc., will be acquiring approximately 32 percent of the shares of Multi Screen Media Private Limited (MSM), which are owned by Grandway Global Holdings Limited (Grandway) and Atlas Equifin Private Limited (Atlas). Upon government approval, the agreement will bring SPT’s stake in MSM to a little over 94 percent.
Under the terms of the agreement, an aggregate cash consideration of US$271 million will be paid by SPT to Grandway and Atlas. SPT is expected to pay US$145 million at the closing of the acquisition by the end of December 2012, while the remaining US$126 million will be paid in three equal annual installments starting from the fiscal year ending 31 March 2014.
MSM operates television networks in India. Its channels include Sony Entertainment Television, one of India’s leading Hindi general entertainment television channels; MAX, India’s premium movie and special events channel; SAB, a Hindi channel focusing on entertaining modern India; PIX, a channel that airs Hollywood movies; and the music channel MIX and the recently launched sports channel SIX.