Sony buys SAB TV brand

Sri Adhikari Brothers Television Network (SABTNL) has decided to sell its SAB TV brand, 1,305 hours of programming and related assets, to SET (Singapore) for Rs 57 crore ($13 million).

The board subject to shareholders' approval has approved the proposal to sell the TV brand, part of its programming library and related assets, company vice-chairman and managing director Makarand Adhikari said in a release.

The company has entered into an agreement with SET for the SAB TV brand, about 20 per cent of over 6,500 hours of library strength valued at Rs 75-80 crore, and related assets, Makarand Adhikari said.

The company would also execute a programming agreement with SET India for content supply worth Rs 75 crore, Adhikari 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 sale proceeds would be used to create and upgrade the infrastructure required for content production business like studios, production and animation, Makarand Adhikari said.

The group companies held by core promoters would launch current affair & news channel "Janmat" & marathi channel "Mi Marathi" by May, 2005, Adhikari said, adding, the company would also provide exclusive content to both the channels.