Tata Communications (NSE: TATACOMM; BSE: 500483), a New York and Mumbai, India-based digital ecosystem enabler, acquired The Switch Enterprises, a New York-based end-to-end live video production and transmission services provider.
Under the terms of the agreement, Tata Communications has agreed to acquire 100% equity stake in The Switch Enterprises, LLC and certain of its international assets for a value of approximately US $58.8 Mn (₹486.3 Crores) in a cash (subject to customary closing adjustments) only transaction. The closing of the transaction is dependent upon regulatory approvals.
With both companies coming together, Tata Communications will support The Switch customers with global reach to over 190 countries and territories and The Switch will bring live production capabilities helping organizations to produce high quality, more immersive content faster and more efficiently.
With the acquisition, Tata Communications will:
- gain a strong foothold into the Americas media and entertainment market,
- extend its portfolio into live video production and
- position itself as an end-to-end media ecosystem player in the entire content development value chain globally.
Led by Eric Cooney, President & CEO, The Switch Enterprises provides a platform that combines mobile and remote services to enable its customers to capture, edit and package high-quality live coverage. The Switch’s delivery network connects production facilities with 800+ of the world’s largest content producers, distributors, and sports and event venues, linking rights holders, broadcasters, streaming platforms, media outlets and web services – and turning-on live content across the world.
Tata Communications is a digital ecosystem enabler powering digital economy in more than 190 countries and territories. It enables digital transformation of enterprises globally with collaboration and connected solutions, core and connectivity, cloud hosting and security solutions and media services. The company serves 300 of the Fortune 500 companies.
FinSMEs
28/12/2022