MUMBAI: Radio broadcaster Entertainment Network (India) has sold 16.5 per cent stake in its outdoor advertising unit Times Innovative Media (TIM) to foreign investors for Rs 2 billion (Rs 200 crores).

Goldman Sachs and Lehman Brothers have acquired 8.28 per cent each in TIM, which in turn values TIM at Rs 12 billion rupees (Rs 1,200 crores).

Additionally, TIM’s event management business has been transferred to another Entertainment Network unit – Atlanta Brand Solutions – for Rs 70 million (Rs 7 crores).

Goldman Sachs is a global investment banking, securities and investment management firm, which provide a range of services worldwide that includes evaporations, financial institutions, governments and high net worth individuals.

Lehman Brothers maintains leadership positions in investment banking, private equity, equity and fixed income sales, trading and research, private investment management, and asset management worldwide. The Lehman Brothers India franchise has expanded into a full-scale local business leveraging the firm’s strong global platform, infrastructure, and expertise.