Fox's Star India to Acquire Telugu-Language TV Networks Company
Maa TV operates four channels in what the company says is "the second-largest regional market in India in terms of revenue potential."
Star India, the Indian pay TV arm of Rupert Murdoch's 21st Century Fox, said on Wednesday that it has agreed to acquire Telugu-language TV networks group Maa TV.
Financial details weren't disclosed.
The Indian company operates four channels: a general entertainment network, a music and a film channel and Maa Gold, which calls itself "the 24 carat entertainment channel."
The acquisition gives Star India access to the South Indian Telugu-language TV market, which it said is "the second-largest regional market in India in terms of revenue potential." It added: "Maa Television Network Ltd. has a strong trajectory of growth driven by fiction content and movies."
“The Telugu market is an important market, however, the pace of innovation has been slow. We are keen to change this by acquiring a local presence,” said Uday Shankar, CEO of Star India. "We were very impressed by the solid creative core and quality and depth of the management team at Maa Television Network. In a short span of time they have built a leading business, which is poised to take the next leap."
Added Shankar: "The acquisition fills a vital gap in our portfolio, allowing our advertisers targeted access to a critical market."
The deal must still go through "necessary regulatory formalities," Star India said.