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Sony denies interest in acquiring stake in regional OTT platform aha
Arha Media is also reportedly in talks with Sun TV as well for a stake sale deal.
Arha Media & Broadcasting is a joint venture between Geetha Arts and My Home Group (Image sourced via Sony website)
Sony has issued a statement clarifying that they have not been in talks with Arha Media and Broadcasting.
"We at Sony Pictures Networks India (SPNI) respectfully clarify that the speculation regarding our acquisition of a stake in the OTT platform, Aha, is completely unfounded and not based on facts,” said the statement. Media reports suggested, Sony Group’s India arm was looking to acquire at least a 26 percent stake in Arha Media and Broadcasting which owns regional OTT platform aha.
The deal was to be valued at approximately Rs. 1500 crore, said reports. The predominately Telugu-oriented content streaming platform has over 2.5 million subscribers and is one of the top Telugu OTT platforms in India and its diaspora markets like the United States.
Arha Media is in talks with Sun TV as well for a similar stake, as per reports. Sun TV is looking to consolidate its presence in the regional language content space. KPMG Corporate Finance is the advisory to Arha for the sale.
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