The directors of Media Factory have purchased the majority stake held by Sam and Lara Balsara of Madison World in Madison Media Sri Lanka (Pvt) Ltd and 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 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.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 nor 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 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 Balsara, Chairman, Madison World India, “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”.
KapilaVidanagamage, Director Media Factory, said, “While we thank Sam and Lara for 12 years of mutual trust and friendship we look forward to our now 100% owned 2nd media unit which will add much-needed clout to our mother agency Media factory. The new entity will come online on the 1st of April 2021 and we are looking forward to adding more value to our clients’ businesses.”Mrs. NithieshaJayasekara, Managing Director Media Factory, said, “We have studied the market and the industry quite thoroughly and we feel that the time is right for a strong independent local media outfit. One which can anticipate and impart local knowledge and insights about consumers would be most valuable to our clients.”