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Southeast Asia News

Tata Communications to Acquire Switch Enterprises LLC for $58 mn

Digital ecosystem enabler Tata Communications will acquire New York-headquartered The Switch Enterprises LLC for US $58 million.

Tata Communications, in a statement said that it has entered into a definitive agreement through its wholly-owned international subsidiary Tata Communications (Netherlands) B.V. The Switch is one of the leading global live video production and transmission services provider which counts top tier sporting venues in North America.

With this transaction, Tata Communications will gain a strong foothold into the Americas media and entertainment market, extend its portfolio into live video production and become uniquely positioned as an end-to-end media ecosystem player in the entire content development value chain globally.

As per 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 only transaction. Eric Cooney, President & CEO, The Switch said:

“The team at The Switch has worked hard creating a market leading live production and transmission offering in the US and beyond. We are extremely proud of our achievements and the trust that Tier 1 media companies place in our services. As the media industry evolves, The Switch has an ever larger role to play in the future of live sports and entertainment and in helping our customers maximize their lucrative content. With Tata Communications we will accelerate this journey providing stability, investment and vision in support of future growth.”

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 state of the art live production capabilities helping organizations to produce high quality, more immersive content faster and more efficiently. Tri Pham, Chief Strategy Officer, Tata Communications said:

“Our combined forces of The Switch’s strong presence in North America and Tata Communications’ global position will create a formidable powerhouse in the global media ecosystem helping enterprises harness emerging digital consumption patterns to drive innovation and disruption. In addition, The Switch production infrastructure as a service model will allow Tata Communications customers to accelerate adoption of remote production from any event around the world.”

On completion of the transaction, The Switch Enterprises will join the Media and Entertainment Services (MES) business of Tata Communications under Dhaval Ponda.

Dhaval Ponda, Global Head of Media & Entertainment Business, Tata Communications said that the company is helping some of the largest global sports federations, broadcasters and OTT platforms manage this disruption through our next generation digital media platform.

“With The Switch team, we will now be able to develop holistic, scalable solutions encompassing live and scheduled programming for television, leveraging pre-recorded and filed videos for new content creation as well as all post-production. The Switch and Tata Communications teams, together will help the industry evolve to the next level of at-venue and at-home fan engagement,” he said.  The closing of the transaction is dependent upon regulatory approvals.

Publish on W.Media
  • December 22, 2022
Author Info - W.Media
Venkatesh Ganesh
Venkatesh Ganesh
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