After spurning Zee, Sony sets sights on aha
MUMBAI , NEW DELHI : Culver Max Entertainment (earlier Sony Pictures Networks India) and regional broadcaster Sun TV Networks have begun initial discussions to purchase a strategic stake in Arha Media & Broadcasting, which runs the South Indian video streaming platform aha. Arha Media, a joint venture between Geetha Arts and My Home Group, has roped in KPMG Corporate Finance as a strategic adviser, said three people familiar with the development.
A possible deal could value aha at ₹1,500 crore to ₹2,000 crore, one of them said. Promoted by the ₹9,000-crore My Home Group and backed by film producer Allu Aravind (Geetha Arts), aha was launched in March 2020 as a Telugu content service before it subsequently added original Tamil language content to its repository.
With Sony terminating its proposed merger with Zee Entertainment Enterprises, regional content remains a big missing piece in its portfolio, said one of the persons familiar with the developments. “Though it is too early and they (Sony) are still coming out of the termination of a deal that was in the making for over two years, there is interest for regional, especially South Indian content," he said.
“But it is too early to say if a deal will happen." All the three persons mentioned spoke on condition of anonymity. Sun TV, which had also explored acquiring the regional assets of Disney, is looking at aha to strengthen its content library and slate, as its over-the-top (OTT), or video streaming, platform, Sun NXT, is yet to reach significant subscriber numbers, said another person familiar with the talks.
Arha Media, Culver Max, KPMG and Sun TV did not reply to emailed queries on the stake sale negotiations. Arha has been looking to raise funds for some time as
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