Media Factory acquires majority stake of Madison World Sri Lanka to form Midas Media
Media Factory acquires the majority stake of Madison World held by Sam and Lara Balsara in Madison Media SriLanka Pvt. Ltd. The company will now become a fully owned subsidiary of Media Factory Pvt Ltd. Sam and Lara Balsara have exited the Sri Lanka business. Sam Balsara also resigns as a Director of Madison Media Sri Lanka Private Ltd. and the Company’s name has been changed to Midas Media Pvt Ltd.
The Midas Media and its Affiliates, Associates and Owners, Media Factory will immediately stop using the Madison name.
Sam Balsara, Chairman, Madison World, India says, “We entered the Sri Lanka market, 12 years ago with the launch of Airtel in the country. Over the years we have built some great relationships both personally and professionally and I hope to continue those. I wish the current Directors of Media Factory and Midas Media all the very best.”
“Our relationship was based on mutual trust and respect. We understood the expectations at a very early stage and were able to deliver to the complete satisfaction of our local clients, but more importantly our partners in India. I would like to thank Sam and Lara for their trust and eventual friendship and would like to wish them both the best in all their future endeavors,” shares Kapila Vidanagamage, Director Media Factory.
Disclaimer: Information mentioned here has not been verified or endorsed by Agency Reporter and is in accordance with the press release shared by the company or their appointed representatives.