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MUMBAI: Turner International is acquiring 92 per cent stake in NDTV Imagine for $117 million, freeing the Indian broadcasting company from its loss-making verticals.
NDTV?s 76 per cent stake in NDTV Imagine will cost Turner International $67 million. The Time Warner company will acquire fresh equity for $50 million to take its total holding in NDTV Imagine to 92 per cent.
Says Turner International India managing director Anshuman Misra, "Turner International has signed an agreement in principle to acquire 92 per cent of NDTV Imagine, subject to regulatory and Time Warner board approval. We will provide complete details upon board approval."
NDTV said Tuesday NDTV Networks Plc, the subsidiary company that holds NDTV Imagine, will retain a five per cent stake in NDTV Imagine, prior to the issuance of primary shares to Turner Asia Pacific Ventures (TAPV).
The deal will help NDTV to be debt-free and focus on its core news business.
Earlier, NDTV had sold 69 per cent stake in its lifestyle programming subsidiary NDTV Lifestyle to US-based Scripps Networks Interactive in a deal worth $55 million.
It had also repurchased the $100 million step up coupon bonds due 2012 for $72.4 million throught NDTV Networks Plc. This had freed NDTV from the restrictive clauses and allowed it to pursue investors for its different verticals.
NDTV had also bought back the 26 per cent stake that NBC Universal was holding in NDTV Networks.
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Scripps Networks takes controlling stake in NDTV Lifestyle
