Regional language broadcaster, MAA Television Network and Sony Pictures Television (SPT) have announced their intent to enter into an alliance, subject to formalities clearance.

The collaboration will give SPT to acquire 30 per cent equity stake in MAA Television Network and further fielding in the regional TV sector that it has been eyeing for several months.

According to the Hindu Business Line, Film personalities Mr K. Chiranjeevi, Mr Nagarjuna Akkineni and Mr Allu Arvind and Mr N. Prasad, founder of Matrix Labs, are the four main promoters of MAA Television. Theycontrol 95 per cent of the equity

The majority shareholders of MAA Television Network and SPT have signed a letter of interest to this effect.

Manjit Singh, Chief Executive Officer of MSM India, SPT’s Indian operations said, “An alliance between SPT and MAA TV will provide strategic opportunities for both companies, as well as great viewing for television audiences in India. We look forward to a prosperous relationship for all”.

It will be at least two months before any financial terms are agreed.