Turner completes acquisition of majority stake in NDTV Imagine

MUMBAI: Turner has acquired 85.68 per cent stake in NDTV’s entertainment channel NDTV Imagine.

 

NDTV entered into an agreement with Turner Asia Pacific last year for selling majority stake in NDTV Imagine for about Rs 5.46 billion (Rs 546 crore).

 

In a filing to the Bombay Stock Exchange, NDTV said that pursuant to the receipt of consideration from Turner and regulatory approvals, Turner will now hold 85.68 per cent stake in NDTV Imagine.

 

The transaction was concluded on 23 February, by transfer of shares. NDTV had said in December last year that it will sell 76 per cent stake in NDTV Imagine to Turner for $67 million. Besides, Turner was to acquire fresh equity worth $50 million in the entertainment channel launched in 2008.

 

Late last year, NDTV also sold a 69 per cent stake in its lifestyle programming subsidiary NDTV Lifestyle, which runs NDTV GoodTimes, to US-based Scripps Networks for $55 million. In October, the company had also bought back NBC Universal’s 26 per cent stake in its subsidiary NDTV Networks to consolidate its position.

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