THAILAND Trends and Developments Contributed by: Nuchaya Timrat, Naris Asavathongkul, Sirapop Amorncheewanun and Tunn Junhasavasdikul, Baker McKenzie
its share of outright media acquisitions, including (as the authors reported in 2024) Universal Music Group’s acquisition of RS Group’s entire music catalogue. Increased market activity and ongoing deal discus- sions are also being observed, indicating that content acquisitions will increasingly be pursued through M&A in Thailand in the coming years. Another retention strategy seen more frequently in Thailand is the content-bundling strategy, which tends to concentrate in partnerships rather than traditional licensing agreements or outright acquisitions. Para- mount Global’s licensing agreement with MONO to create a branded Paramount+ extension on Monomax is a prime example of this. AIS’s recent deal with Prime Video, which bundles access to global streaming ser- vices into its offerings via AIS PLAY PREMIUM PLUS, is also an effective merging of infrastructure, platform and premium content into a single ecosystem. The content-bundling strategy through partnerships mir- rors the control typically achieved through an outright acquisition, and the arrangement is comprehensive rather than piecemeal content licensing – though it stops short of an acquisition as the buyer does not obtain ownership or operational control of the content. This growing trend of content partnerships – such as bundling and co-branding arrangements – reflects a strategic shift in how businesses access and secure premium media assets for their monetisation. As these collaborations deepen, the authors expect that they will increasingly evolve into M&A activity, where par- ties move beyond simple partnerships or licensing to form joint ventures. These joint ventures will allow companies to co-own and co-develop content, com- bining infrastructure, platforms and creative assets under a shared structure. The second observable trend is at the industry level, with M&A deals expanding beyond music and mov- ies into sports. The arrival of institutional capital in sports is heralded by the announcement of the Elec- tronic Arts (EA) takeover by Silver Lake and the Pub- lic Investment Fund (PIF; the Saudi sovereign wealth fund), combined with the NFL’s announcement that it would allow private equity firms to take minority stakes in its sports franchises. Recent years have validated sports as an asset class, and the authors expect that, with the flow of more institutional capital,
it will become a more liquid market with an abundance of willing buyers and sellers. Thailand is taking great interest in international sports, with GULF, AIS and JAS recently securing exclusive Thai League broadcasting rights in a landmark THB2 billion deal with the Football Association of Thailand, which guarantees coverage for four seasons. Notably, AIS also recently secured exclusive streaming rights for National Basketball Association (NBA) games in Thailand, delivered via AIS PLAY. This growing trend of businesses acquiring content rights is expected to evolve into full-scale M&A activity, where companies pursue ownership of content by acquiring content producers, distributors or the companies that hold valuable media assets; the content is now not limited to only music, movies or TV series but also includes sports content. The authors expect continued M&A activity in the Thai media and entertainment market, both from strategic buyers and institutional capital. The Draft Principles regulate AI providers and AI deployers based on the level of risk associated with the AI systems. They impose obligations on “high-risk AI providers”, including the duties to: • implement risk management systems; • exercise a duty of care; • appoint a legal representative in Thailand (for off- shore AI providers); and • report serious incidents to the relevant enforce- ment agency. The current Draft Principles will not directly specify which types of AI are considered high-risk. Instead, they delegate authority to sector-specific regulators to determine and issue such classifications. The Draft Principles also outline key rights of AI users, including: • the right to notification; • the right to explanation; and • the right to contest decisions made by AI systems. Upcoming Regulations Draft Principles of AI law
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