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Biznextindia : Tata Communications on Thursday announced it has entered into a definitive agreement through its wholly owned international subsidiary Tata Communications (Netherlands) B.V. to acquire 100% stake in Switch Enterprises LLC and certain of its international assets for a value of about $58.8 million (Rs.486.3 Crores @ 1USD=₹82.7) in a cash only transaction. The closing of the transaction is dependent upon regulatory approvals.
New York-headquartered, The Switch is a leading global end-to-end live video production and transmission services provider with reach to 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.
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 organisations to produce high quality, more immersive content faster and more efficiently.
“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” Tri Pham, Chief Strategy Officer, Tata Communications said.