3i-backed Nimbus Communications Limited (Nimbus) has signed a deal with Times of India Group (Times) wherein the country's biggest media house will acquire a small equity stake in Nimbus and its associate Company Neo Sports Broadcast Pvt. Ltd. (Neo Sports).
As part of the deal, Nimbus and its associate company Neo Sports will leverage the various media vehicles across the Times Group to advertise its sports and broadcasting businesses.
Although the terms of the deal have not been disclosed, Times Group operates an ad-for-equities division which picks minority stake in portfolio companies in lieu of advertisement space in its media publications and multimedia vehicles.
Nimbus, which recently announced a multi-year, multi-event deal with Asian Tour Golf, and Neo Cricket, India's 1 Sports Channel for two successive years in 2008 and 2009, plan to utilise the various Times media vehicles to advertise and market these events.
In a statement Akash Khurana, Vice Chairman-Nimbus, said: "This alliance with the Times of India Group provides a unique opportunity for drawing on strengths and synergies between the organisations. Our businesses are at inflection points and this deal will help us strengthen and accelerate growth in market shares and revenues of our businesses."