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Turner buys $117 mil NDTV stake

Asia arm of U.S. broadcaster takes 76% of Indian unit

MUMBAI -- New Delhi Television said on Tuesday it sold most of its indirect stake in NDTV Imagine Ltd. to Turner Asia Pacific Ventures Inc. in a deal worth $117 million.

The deal involves the sale of a 76% stake held in NDTV Imagine via its unit, NDTV Networks Plc, for $67 million and also fresh issue of equity shares worth $50 million to Turner, NDTV said in a statement.

The transaction is pending approval from board of Turner's parent, Time Warner Inc, and regulatory approvals, it added.