Tata Comm to buy US-based video production company Switch Enterprises for Rs 486 crore
New Delhi,Dec.24 : Tata Communications on Thursday announced that it has entered into a definitive agreement to acquire the New York-based end-to-end live video production company The Switch Enterprises in an all-cash deal for Rs 486 crore.
The companies, in a statement, said under the terms of the agreement, Tata Communications has agreed to acquire a 100 per cent equity stake in The Switch Enterprises and certain of its international assets for a value of (subject to customary closing adjustments) only transaction.
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 firms to produce high-quality immersive content faster and efficiently, Tata Communications said in a statement.
“Our combined forces of The Switch’s presence in North America and Tata Communications’ global position will create a formidable powerhouse in the global media ecosystem, helping enterprises harness 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 the adoption of remote production from any event across the world,” said Tri Pham, chief strategy officer, of Tata Communications.
The acquisition will provide direct upsell opportunities for Tata Communications’ offerings, which will drive the incremental expansion of its video to connect business as well as expand our leading presence in the media ecosystems in Europe and North America.
-PTI
