Time Warner takes 92% stake in NDTV
Pays $126.5 mil for stake in Indian companyRelated: Turner buys $117 mil NDTV stake
NEW YORK -- Time Warner continues to push into overseas markets to grow internationally, unveiling Thursday a deal to take a 92% stake in India's NDTV Imagine Ltd. for $126.5 million. That includes $50 million for funding of the business at closing.
NDTV Imagine owns a Hindi general entertainment channel known for its reality programming and dramas, and other entertainment assets in India.
TW said its board has approved the acquisition by Turner Asia Pacific Ventures from NDTV Networks, an indirect subsidiary of NDTV Ltd.
The remaining 8% stake in Imagine will be held by current management and other entities.
Sameer Nair will continue to run the company as CEO.
NDTV Imagine subsidiaries also include a movie production company, NDTV Imagine Pictures; Alliance Lumiere, a joint venture operating a multilanguage world cinema channel; and Imagine Showbiz, a joint venture operating a Bollywood entertainment and music channel.
"This acquisition marks another significant milestone in Turner's business in India, and I'm particularly delighted to announce this deal as we celebrate 20 years in the Asia-Pacific region," said Steve Marcopoto, president, Turner Broadcasting System Asia Pacific. "India continues to be a key priority for us. Our accelerated pace of investment here underscores both our commitment to this dynamic market and our view of India's compelling long-term potential."
Turner's portfolio in India includes: Cartoon Network & POGO, CNN International and English entertainment channels WB, HBO and TCM. Turner also has several successful partnerships in India, including with Zee Entertainment and Enterprises Ltd; GBN for co-branded 24-hour English news channel CNN IBN; and a minority stake in Miditech, one of India's largest TV production companies.