Homegrown independent media agency Madison World India on Tuesday (30) announced that it is exiting the Sri Lanka market.
Madison Media Sri Lanka was a joint venture between India’s largest independent media buying arm and Media Factory.
The majority stake held by Sam Balsara and Lara Balsara of Madison World in Madison Media Sri Lanka (Pvt) Ltd has been sold to Media Factory for an undisclosed amount.
The company will now become a fully owned subsidiary of Media Factory (Pvt) Ltd.
Sam Balsara has also resigned as a director of Madison Media Sri Lanka (Pvt) Ltd and the company’s name has been changed to Midas Media (Pvt) Ltd.
“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, "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 whatsoever and also not claim ownership to the name Madison.
Further, Sam and Lara Balsara and Madison in India or Sri Lanka will no longer be liable for any action 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.
Kapila Vidanagamage, director, Media Factory said, “Our relationship with Madison World India 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 to our partners in India. I would like to thank Sam and Lara for their trust and eventual friendship."
(Source: Live Mint)