MUMBAI: Broadcaster New Delhi Television Ltd will buy back 26% stake of NBC Universal (NBCU) in its subsidiary NDTV Networks Plc.
In a filing to the Bombay Stock Exchange NDTV said the company, through its subsidiary, has agreed to buy back NBC Universal’s 26 per cent stake in its subsidiary NDTV Networks Plc with an aim to consolidate its position. However the price for the buyback has not been disclosed yet. The buyback would take place through NDTV’s subsidiary NDTV Networks BV.
In May last year, NBC Universal had entered into a strategic partnership with NDTV for an indirect 26 per cent stake in NDTV Networks Plc. The transaction was completed at $150 million last year.
NDTV Group which started off as a news-oriented company in 1998 currently has two 24-hour news channels – NDTV 24×7 in English and NDTV India in Hindi and a 24-hour business news channel NDTV Profit, besides operating under NDTV Networks Plc.