The Hindu : Business : Adhikari Bros to sell SAB TV brand to Sony

Online edition of India's National Newspaper
Tuesday, Mar 15, 2005

Business

Business

Adhikari Bros to sell SAB TV brand to Sony

MUMBAI, MARCH 14. Sri Adhikari Brothers Television Network Ltd. (SABTNL) will sell its SAB TV brand, 1,305 hours of programming and related assets to SET (Singapore) Ltd. for Rs. 57 crores ($13 million).

The board had 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 in a release here today.

The company had entered into an agreement with SET for the SAB TV Brand, library programmes of 1,305 hours, about 20 per cent of over 6,500 hours of library strength valued at Rs. 75-80 crores and related assets, he said.

The company would also execute a programming agreement with SET for content supply worth Rs. 75 crores, he added.

The deal would have no impact on the equity pattern and management of SABTNL, he said. SABTNL would concentrate on its area of core competence.

The proceeds from the deal would be used to create and upgrade the infrastructure required for the content production business.

The group companies would launch a current affair and news channel "JANMAT'' and a Marathi Channel "MI Marathi'' by May, he said. — PTI

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