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Sony refutes rumors of acquiring stake in aha
Media reports hinted at Sony India securing a 26% stake in Arha Media, owner of the aha OTT platform.
Sony Pictures Networks India has stated that they are not engaged in discussions 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,” the statement read.
According to media reports, Sony Group's Indian division was reportedly seeking to acquire a minimum of 26% ownership in Arha Media and Broadcasting, the parent company of the regional OTT platform aha.
Reports indicated that the deal was estimated to be worth around Rs 1500 crore. The primarily Telugu-focussed streaming service has over 2.5 million subscribers and ranks among the leading Telugu OTT platforms in India and abroad, particularly in the United States.
Sources say that Arha Media is in discussions with Sun TV for a comparable stake. Sun TV aims to strengthen its position in regional language content. KPMG Corporate Finance is advising Arha on the sale.