Indian media veteran Sam Balsara-owned Madison Media has exited the Sri Lanka market, after being in the country for over 12 years.
Minority partner – Media Factory – has bought Sam and Lara Balsara’s stake in Madison Media Sri Lanka, making it a fully owned subsidiary of Media Factory.
With the deal in place, Balsara has also resigned as a director of Madison Media SriLanka and the company’s name has been changed to Midas Media.
“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,” said Sam Balsara, Chairman, Madison World, India.
Both parties have agreed that Midas Media and its affiliates, associates and owners Media Factory, will immediately stop using the Madison name in any manner.
Also, Sam and Lara Balsara and Madison in India or Sri Lanka will no longer be liable for any actions or financial liabilities or damages past, present or future of the company, nor will they benefit from any financial assets or accruals to the company of the past, present or future for which they have not been compensated.
Sam and Lara Balsara will also not claim any right or ownership to the name Midas Media, as per the agreement.
“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 endeavours,” Kapila Vidanagamage, Director Media Factory.