Yagnik was in charge of Sony Pix, a channel he will continue to handle.
With immediate effect, Yagnik will also oversee AXN.
Sunil Punjabi, business head of AXN, will continue to manage AXN and will report to Yagnik. Yagnik will continue to report to N P Singh, CEO, MSM.
On his promotion, Singh says, "With Saurabh's deep rooted understanding of the English entertainment genre, I am certain that he will chart a new and exciting journey for the English entertainment channels at MSM. We wish him all the best."
According to the channel, Yagnik, who joined the MSM group just over two years ago, has more than 17 years of varied consumer and television management experience, and has been instrumental in building and driving the English movie channel Pix to attain market leadership.
Before joining MSM, he was SVP and business head, English channels cluster at STAR India. He was promoted to the post in 2010.
Yagnik began his career as assistant manager at ITC in 1995. After spending more than four years at the company, he moved to Hindustan Unilever as category finance manager. In 2007, Yagnik joined STAR India as vice-president, FP&A. He was responsible for financial planning and analysis, and treasury for the STAR TV group in India.