Sony further buys 32 per cent in India firm Multi Screen Media for $271 mn

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

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.

Sony Pictures Television said it had agreed to buy 32 per cent of the shares in the company from Grandway Global Holdings Ltd and Atlas Equifin Private Ltd. The deal will boost Sony's stake to over 94 per cent.

The deal is subject to government approval.

Sony agreed to pay $145 million by the close of the acquisition by the end of December. The remaining $126 million is to be paid in three equal installments each year starting in 2013.