Jakarta. Entertainment company Tripar Multivision Plus (RAAM) is set to secure a 30 percent stake in the prominent media group B-Universe Media Holdings following a recent agreement between the two firms.

Tripar Multivision, also known as MVP, formalized a strategic partnership with B-Universe through a memorandum of understanding signed on Wednesday.

Vikas Chand Sharma, Director of Tripar Multivision Plus, announced in a filing to the Indonesia Stock Exchange on Friday, "Pursuant to the MoU on a strategic collaboration signed by MVP and B-Universe, MVP will acquire a 30 percent stake in B-Universe."

B-Universe, headquartered in Jakarta, operates as a multi-platform media company, overseeing various publications including the news and entertainment television network BTV, the business newspaper Investor Daily, the market research magazine Majalah Investor, the business website Investor.id, the English news website Jakarta Globe, and the general news website Beritasatu.com.

Tripar Multivision Plus stands as one of Indonesia's leading entertainment companies, renowned for its substantial contributions as a major content producer for entertainment television since the liberalization of television networks in the 1990s.

Additionally, through its subsidiary, Platinum Sinema, MVP owns 11 theaters situated in various cities, including Solo, Magelang, Sidoarjo, Bitung, Baturaja, Palopo, Lahat, Ambon, Kolaka, Majenang, and Kebumen, with ambitious plans for further expansion into different cities.

Vikas said the acquisition would be preceded by rigorous legal and financial due diligence, meticulously adhering to Indonesia's existing regulations.

"Once the acquisition is materialized, MVP will submit public filings, reports, and transparent information in accordance with the existing regulations," he said.

Two days prior, Whora Anita Raaghunath, CEO of Tripar Multivision Plus, said the strategic partnership with B-Universe is expected to result in a targeted 30 percent increase in gross profit. Under this partnership, MVP will supply BTV with a range of content, including movies, soap operas, and miniseries, to broaden its audience base.

Enggartiasto Lukita, Founder of B-Universe, warmly welcomed the partnership as a significant step in reaffirming BTV's status as an integrated entertainment and news broadcaster.