Sony to pay USD 271 mn to boost stake in India TV firm

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Sony Corp's television subsidiary is boosting its majority stake in Indian pay TV operator Multi Screen Media Private Ltd for USD 271 million in cash.

Sony Pictures Television said on Friday it had agreed to buy 32 per cent of the shares in the company from Grandway Global Holdings Ltd and Atlas Equifin Private Ltd.

That will boost Sony's stake to over 94 per cent. Multi Screen Media operates television networks in India including the Hindi language entertainment channel Sony Entertainment Television, movie channel Max, music channel Mix and other channels.

The deal is subject to government approval. Sony agreed to pay USD 145 million by the close of the acquisition by the end of December.

The remaining USD 126 million is to be paid in three equal installments each year starting in 2013.

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