Tata Communications has announced it intends to acquire global end-to-end live video production and transmission services provider The Switch.
Under the terms of the agreement, Tata Communications has agreed to acquire a 100 per cent equity stake in The Switch and certain of its international assets for a value of approximately $58.8 million in a cash only transaction.
The deal is dependent on regulatory approvals. Once approved, Dhaval Ponda will oversee the company.
The Switch has customers in over 190 global countries and territories.
Dhaval Ponda, global head of media and entertainment business, Tata Communications said: “The global media and entertainment industry is at a once-in-a-generation digital transformation driven by a fundamental change in consumer consumption behaviours. Tata Communications is already 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.”
Eric Cooney, president and CEO, The Switch added, “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 maximise their lucrative content. With Tata Communications we will accelerate this journey providing stability, investment and vision in support of future growth. I am excited for the future of The Switch and the opportunities that this brings to our team and customers.”