Between them, they hold close to 100% stake in Maa TV, Nagarjuna said. Star’s purchase of Maa Television Network gives an exit to the company’s promoters-families of serial entrepreneur Nimmagadda Prasad, actor-politician Chiranjeevi and actor Akkineni Nagarjuna. The deal is subject to regulatory approvals and should be completed in the next three to four months, Shankar said. The Maa acquisition gives Star access to the Telugu TV market-the second largest regional market in India in terms of revenue, pegged at ₹ 1,800 crore a year according to company data.
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Regional channels contribute 25-30% to the broadcaster’s overall revenue from entertainment and movie channels, according to a senior executive at the company. Star’s regional channel portfolio also includes Tamil, Bengali and Marathi entertainment channels. “Both Star and I are strong believers of the fact that content is most credible when in one’s own language," said Shankar in a phone interview from Mumbai. Asianet operated three general entertainment channels in Malayalam, and two Kannada channels. Maa TV is Star’s second major acquisition, the first one being Asianet Communications Ltd in November 2008. We have an extensive portfolio in regional content and Telugu was a critical gap which has been plugged now." “Star has been bullish about regional content for a long time. Uday Shankar, Star’s chief executive, said the deal has been in the works for a year.