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Time Warner Acquires 92% in NDTV Imagine For $126.5 Million
18 Dec 2009
Time Warner has announced an increase in its investment in Indian media company NDTV’s subsidiary Imagine and its board of directors have approved the acquisition of 92 percent stake for a sum of $126.5 million.
The acquisition will be made via Turner Asia Pacific Ventures, part of the Time Warner group of firms. NDTV Imagine runs NDTV Lumiere, Imagine Showbiz and NDTV Imagine Film Company besides its general entertainment and lifestyle channel NDTV Imagine.
The $126.5 million investment includes the secondary purchase of an 87.4% stake in Imagine from NDTV Networks Plc and another minority shareholder, as well as a $50 million primary capital infusion into Imagine for development. The remaining 8% stake in Imagine will be held by the current management of Imagine, ESOP holders and NDTV Networks Plc, Time Warner disclosed.
NDTV Imagine’s management will continue to head the firm, a profile of its top executives is here. With this, Imagine joins Turner’s channels including Cartoon Network, POGO, CNN International, Real, WB, HBO and TCM.
Imagine owns one of the leading Hindi-language general entertainment channels as well as other entertainment assets in India, Time Warner said. The price includes $50 million to be invested in Imagine.
Tags
time warner, ndtv, imagine, turner
Visit http://www.timewarner.com/
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