Time Warner Inc on Wednesday said it will buy NDTV Imagine Limited (Imagine) from NDTV Networks Plc, an indirect subsidiary of NDTV Ltd for $126.5 million, further expanding its international reach.
Imagine, which owns a leading Hindi general entertainment channel and other entertainment assets in India, will be acquired by Time Warner's Turner Asia Pacific Ventures Inc and will become a key part of its operations in that region.
Turner is investing a total of $126.5 million in this transaction, resulting in a 92% stake in Imagine.
The remaining 8% stake in Imagine will be held by the current Imagine management, participants in its employee stock ownership plan and NDTV Networks Plc.
After the close, Imagine will continue to be led by Sameer Nair as chief executive officer who will work in tandem with Turner's senior management.
Comments