India’s popular Asian TV channel Sony Entertainment Television Asia (SET) is looking at buying a majority stake in Sri Adhikari Brothers Television Network (SAB TV).
A source at SET said the company was in an advanced stage of negotiations with SAB TV to acquire a majority stake in the channel. He, however, refused to give any timeframe for the acquisition.
Markand Adhikari, vice-chairman and managing director of SAB TV Network, confirmed that talks were on. “We are open to all options and are looking for a good strategic partner. However, we have not taken a final call on the issue. When the decision is taken, we will inform the appropriate authorities.”
Sources close to the development said SAB TV Network?s attempt to sell the broadcasting business followed the company?s plan to concentrate on its content business, which was regarded as its core area of operations. They added that the acquisition made sense for SET as it would add a channel to its bouquet of channels. SAB TV, which is branded as a channel centred on sitcoms, has a niche market.
Once the deal is clinched, it will not trigger the mandatory 20 per cent open offer for the shareholders of SAB TV Network as the channel is a subsidiary of the company. The proceeds of the sale will go to the books of SAB TV Network.