MUMBAI: Producer Sajid Nadiadwala’s company Nadiadwala Grandson Entertainment will be acquiring a 50 per cent stake in a television channel. As of now, the name of the channel has been withheld and an official announcement is expected to follow soon with the details. The investment is based on an enterprise value of Rs 1 billion (Rs 100 crores).

Nadiadwala says, "This acquisition is an important step from our company towards consolidation in the TV industry. We are confident that this will add immense value to the company and also strengthen our company profile. We have other expansion plans, which we will announce shortly."

"Nadiadwala Grandson has remained rock steady because of its single most desire to entertain with clean family entertainment. The banner has always made universal films with total dedication and creativity at the highest level. We have created success stories in romantic comedy genre. But saying that our new mantra would be that no consumer, no market, no opportunity, no genre is beyond reach. Today it’s television, tomorrow it could be new media. The sky is the limit," he added.

The banner has five films under production as of now. The first is a film with Shabbir Khan titled Kambakkht Ishq starring Akshay Kumar and Kareena Kapoor. Sajid Khan will be directing his second film for the banner called Housefull starring Akshay Kumar, Ritesh Deshmukh and Deepika Padukone. David Dhawan will be directing Judwaa 2 starring Salman Khan. The animation version of Judwaa is also in the pipeline. The banner has also signed directors Siddharth Anand and Imatiz Ali for a film each.