Tata to complete £49m The Switch acquisition
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Tata Communications has announced that its subsidiary, Tata Tata Communications (Netherlands) B.V., is to acquire video production and transmission company The Switch.
The Switch, which has worked with the likes of CONCACAF and the Tennis Channel, is being acquired for $58.8 million (£49.02m) in a cash only transaction - that is now awaiting regulatory approval. Once completed, The Switch will become part of the Media and Entertainment Services (MES) business of Tata Communications under Dhaval Ponda.
Current Switch CEO Eric Cooney will step down from his role, and further plans for the company are to be confirmed later this month.
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.”
Dhaval Ponda, global head of media & entertainment business, Tata Communications, added: “The global media & 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 & CEO, The Switch, commented: “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.”
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