In a statement issued on August 18, 2010, New Delhi Television Ltd clarified to the BSE that “Negotiations are currently underway for a strategic alliance in the lifestyle business. The proposed alliance is only at the stage of discussions”.
NDTV’s clarification is in reaction to a news item that had appeared in a leading financial daily titled ‘NDTV gains 18% on talks of stake sale in lifestyle arm’.
In its clarification, NDTV further said, “Regulatory approvals would be required for the transaction for which applications have been filed, but which have not been received. As and when the transaction is at a definitive stage, the company shall disclose the same to the stock exchanges, in accordance with applicable law.”
The NDTV Group has channels in the general entertainment, movie, lifestyle and news genres. The NDTV Good Times channel is run by NDTV Lifestyle Ltd.
The news article had said that Malaysian investor Astro All Asia Networks PLC would buy a 49 per cent stake in NDTV Lifestyle Holding, which owns NDTV Lifestyle Ltd, for $40 million.
It may be recalled that on May 4, 2010, NDTV had informed the BSE that the NDTV Group had decided to exercise its right to terminate the definitive agreements for a strategic alliance with US-based media company Scripps Networks Interactive Inc. The alliance was for lifestyle channels in India.
NDTV terminates strategic alliance with US-based Scripps Network