MUMBAI: NDTV has entered into an agreement with Turner Asia Pacific Ventures to sell most of its indirect stake in NDTV Imagine for $ 117 million.

The deal involves sale of 76 per cent of NDTV Imagine for $67 million and also fresh issue of equity shares for $50 million to Turner. The transaction will be via NDTV Networks plc. NDTV currently holds stake in NDTV Imagine Ltd, which runs the TV channel of the same name, apart from NDTV Lumiere, through its subsidiary NDTV Networks plc.

Prior to the issuance of primary shares to Turner Asia Pacific Ventures, NDTV Networks plc will retain a five per cent stake in Imagine. The transaction is subject to receipt of an approval from the board of Time Warner Inc and from regulatory authorities.