New Delhi Television Ltd (NDTV), a Delhi-based media house with presence in news and non-news channels, is terminating the agreement with US-based Scripps Networks Interactive Inc for a strategic alliance.
In November 2009, Scripps Networks signed an agreement for acquiring 69% stake in NDTV’s lifestyle network – NDTV Lifestyle in a $55-million deal. The transaction valued NDTV Lifestyle at more than $79 million.
In its communiqué to the Bombay Stock Exchange, NDTV has said, the firm is now in the process of terminating the deal. “NDTV Group has decided to exercise its right to terminate the definitive agreements and is in the process of terminating them,” it said in the filing. However, it did not mention any reason for the termination of the deal.
NDTV Lifestyle runs lifestyle channel called NDTV Good Times. As part of the deal, both Scripps Networks Interactive and NDTV Group were contemplating the launch of few other lifestyle television channels.
Earlier, NDTV also sold some stake in NDTV Imagine Ltd, another non-news channel, to Turner Asia Pacific Ventures (TAPV) Inc last year in an estimated deal size of $117 million.
Scripps Networks Interactive had spun off from the E W Scripps Company of America. It is a leading developer of lifestyle-oriented content for television and the internet. The company's media portfolio includes Lifestyle Media, which comprises popular lifestyle television and internet brands HGTV, DIY Network, Food Network, Cooking Channel, Travel Channel and country music network Great American Country.