New Delhi Television Ltd (NDTV), a premier media company in India, has entered into an agreement with Turner Asia Pacific Ventures (TAPV) Inc for stake sale in NDTV Imagine Ltd. The deal size is estimated at $117 million. The company holds stake in NDTV Imagine Ltd through its subsidiary NDTV Networks plc, the holding company for its non-news offerings.
The deal involves a sale of 76 % stake of NDTV Imagine for around $67 million, including the subscription to fresh shares in Imagine by TAPV for $50 million, the company said in a filing to the Bombay Stock Exchange.
Prior to the issuance of shares to TAPV, NDTV Networks Plc retains a 5% stake in Imagine. The company statement added that the transaction is subject to necessary approval from the board of Time Warner Inc, the parent of TAPV, and from regulatory authorities.
In November this year, NDTV has sold 69% stake in NDTV Lifestyle to US-based Scripps Networks Interactive Inc for a sum of $55 million. Earlier in 2008, NDTV Networks, which got $120 million funding from private equity investors including Lehman Brothers, Goldman Sachs, CSFB for a 24% stake in the company, sold a 26% stake to NBC for $150 million valuing the firm at $577 million.
