Turner Asia concludes NDTV Imagine buy

1:47 AM PST 02/25/2010 by Nyay Bhushan, AP

$126.5 mil purchase includes $50 mil in funding for biz

NEW DELHI -- Turner Asia Pacific Ventures has completed the acquisition of NDTV Imagine Ltd. by buying an 85.68% stake in the entertainment network backed by parent newsbroadcaster New Delhi Television Networks.

In a filing to the Bombay Stock Exchange Wednesday, NDTV said the transaction was concluded February 23 by transfer of shares. The transaction follows the initial announcement last December when TAPV reached an agreement with NDTV to acquire a 92% stake in NDTV Imagine Ltd. for $126.5 million, which includes $50 million for funding the business that runs Hindi general entertainment channel NDTV Imagine.

NDTV Imagine Ltd. subsidiaries also include a movie production company, NDTV Imagine Pictures; Alliance Lumiere, a joint venture operating world cinema channel NDTV Lumiere; and Imagine Showbiz, a joint venture operating a Bollywood entertainment and music channel.
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