Putting an end to speculations of 3-4 players being in the running to acquire a stake in English channel NDTV Hindu, New Delhi Television Ltd informed BSE on October 6, 2011 that New Delhi Television Ltd (NDTV) and Kasturi and Sons Ltd (KSL) had entered into an agreement to sell their respective stake in Metronation Chennai Television Ltd (MNC) to Educational Trustee Company Pvt Ltd (ETCPL), the promoters of Tamil daily Dina Thanthi.
The total sale consideration payable by ETCPL is Rs 15 crore. MNC shall become a 100 per cent subsidiary of ETCPL on completion of the transaction. Metronation Chennai Television Ltd is a joint venture of NDTV and The Hindu. MNC operated and manage Chennai’s first and only city-specific English news and current affairs channel NDTV Hindu.
Pranav Bakshi, Business Head and Officiating CEO, NDTV Hindu, stated, “The deal was finalised on October 6. The complete transition will take place over the next 30-60 days.” The agreement and the transaction contemplated therein are subject to receipt of all necessary approvals.
Bakshi will move back to NDTV to join the management team in Delhi. There are also talks of getting a new CEO on board for NDTV Hindu. However, nothing has been finalised as yet and a clearer picture is expected to emerge shortly.