<article>Indonesian conglomerate <a href="http://mnc.co.id" target="_blank">MNC Group</a>, owned by tycoon Hary Tanoesoedibyo, is planning to set up a new entity that will serve as a holding company for its pay TV and broadband businesses in a bid to better synergize the two, a local media reported.</article>

Indonesian conglomerate <a href="http://mnc.co.id" target="_blank">MNC Group</a>, owned by tycoon Hary Tanoesoedibyo, is planning to set up a new entity that will serve as a holding company for its pay TV and broadband businesses in a bid to better synergize the two, a local media reported.
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<a href="http://www.mediacom.co.id">PT Global Mediacom Tbk </a>(BMTR), which operates MNC Group’s various media businesses, will name the new company <a href="/www.indovision.tv">PT Sky Vision Network</a> (SVN) to operate pay TV business unit <a href="http://www.indovision.tv">PT MNC Sky Vision Tbk</a> (MSKY) and broadband business unit <a href="http://www.mncplaymedia.com">PT MNC Kabel Mediacom</a> (MKM).
“We will establish the new entity some time this year, hopefully in the third quarter,” the Global Mediacom chief financial officer Oerianto Guyandi  said, as quoted by <a href="http://www.thejakartapost.com/news/2015/07/29/mnc-group-setup-holding-tv-network-services.html#sthash.yn5chYyT.dpuf" target="_blank">The Jakarta Post</a>.
Global Mediacom aims to float SVN’s shares on the Indonesia Stock Exchange (IDX) over the next three years when MKM’s business is expected to start becoming profitable.
MKM, also known as Play Media, was established in January 2013. It offers a fiber-based network service. Play Media targets to have 700,000 home-pass subscribers this year and a total of 1.5 million in three to five years.
Once SVN is in operation, MNC Group’s pay TV and broadband businesses will operate under a single entity, simplifying investment portfolio options for investors, said Oerianto.
Aside from the plans for the new entity, MNC Group plans to soon buy back shares in a number of its publicly listed units to avoid further loss in stock prices, amid market volatility.
The group obtained shareholders approval during the company’s shareholders’ meeting on Monday to buy back shares in MNC Sky Vision, MNC, Global Mediacom and <a href="http://www.mncfinance.com">PT MNC Investama</a> (BHIT) with a total budget of Rp7.46 trillion ($554.5 million).
The group will buy back as much as 5 per cent of public shares in Sky Vision or 353.19 million shares worth Rp 636 billion. It will also buy back 10 per cent of public shares in MNC or 1.26 billion shares worth Rp 3.2 trillion.
For Global Mediacom, MNC group will buy back 10 per cent of public shares or 1.27 billion shares worth Rp 2.2 trillion. Meanwhile, for MNC Investama, it will buy back 10 per cent of the stake in a transaction estimated to reach Rp 1.42 trillion. The buy back option will be effective within an 18-month period starting from the time the companies got approval at the shareholders meeting.

MNC Group, owned by Hary Tanoesoedibyo, to set up new entity that will serve as holding company for pay TV & broadband businesses in bid to better synergize the 2.

Indonesia’s MNC Group to consolidate pay TV, broadband biz under new holding co

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