Sun TV Network shares gained on Thursday after the company announced a multi-year deal with video-on-demand service firm HOOQ, a start up joint venture established by Singtel, Sony Pictures Television and Warner Bros in January this year. The announcement was made after market hours on Wednesday .
Cheering the news, the share price of Sun TV Network jumped 4.74 per cent to Rs 341.20.
Under the agreement HOOQ would now carry Sun TV’s library that includes a mix of films in Tamil, Telugu, Malayalam and Kannada languages including the latest hit movies. At present, HOOQ operates in the Philippines, Thailand and India with a poplulation footprint of over 1.4 billion people.
According to Angel Broking, with around 33 channels across the South Indian languages, Sun Group’s existing library has about 11,000 titles, which is said to be among the largest in the industry.