Sri Adhikari Brothers Television Network Ltd [Get Quote] would sell its SAB TV brand, 1,305 hours of programming and related assets to SET (Singapore) Ltd for Rs 57 crore ($13 million).The board has approved the proposal to sell the TV brand, part of its programming library and related assets, subject to shareholders' approval, company vice-chairman and managing director Makarand Adhikari said on Monday.
The company has entered into an agreement with SET for the SAB TV Brand, library programmes of 1,305 hrs, about 20 per cent of over 6,500 hours of library strength valued at Rs 75-80 crore (Rs 750-800 million), and related assets, he said.
The company would also execute a programming agreement with SET India Pvt Ltd for content supply worth Rs 75 crore, he added.
The deal would have no impact on the equity pattern as well as management of SABTNL, Adhikari said. SABTNL would now concentrate on its area of core competence of content production.
The proceeds from this deal would be used to create and upgrade the infrastructure required for content production business like studios, production and animation, he said.
The group companies held by core promoters would launch current affair & news channel 'Janmat' and Marathi Channel 'MI Marathi' by May, 2005, he said. The company would provide exclusive content to both the channels, he added.
© Copyright 2009 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
|
