3 March 2016, California: Times Internet has cracked the deal with Willow TV (Willow is the only channel dedicated cricket in USA). In its move to expansion, the company has acquired US-based cricket broadcaster. Though the exact valuation of the deal was not disclosed, but Times Internet director, Satyan Gajwani has responded to the media query viva an email stating that US $100 million payout includes the cost of acquiring the sport content rights, promoting Willow TV as well as cricket in the US besides the amount paid to the founder of Willow TV.
With this acquisition, Times Internet marks its first international acquisition and second overseas acquisition for Bennett, Coleman and Company Ltd. The group made its first acquisition when it purchased Absolute Radio (UK based Radio Firm) for a whooping price of £53.2 million in the year 2008.
Commenting on the latest acquisition, Indranil Das Blah, Partner, CAA KWAN said, “Probably bought at a nominal cost, at some point Times Internet will use Willow TV to enter the business of sports broadcast in India.”
“As a bootstrapped company, we launched the Willow cricket channel just over five years ago. With the backing of BCCL and its assets, I am confident that we can jointly build one of the premier sports businesses in the US,” said Vijay Srinivasan, founder and CEO of Willow TV International.