New Delhi Television Ltd on May 4, 2010 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.
It may be recalled that on November 19, 2009, NDTV had informed BSE that NDTV Group and Scripps Networks had reached a definitive agreement to create a strategic alliance for lifestyle channels in India.
The proposed transaction would have seen Scripps Networks acquiring 69 per cent of NDTV Group’s lifestyle programming subsidiary, NDTV Lifestyle Ltd, while NDTV Group would have retained the remaining 31 per cent stake in the joint venture.
Scripps Networks Interactive is one of the leading developers of lifestyle-oriented content for television and the Internet, where on-air programming is complemented with online video, social media areas and e-commerce components on companion websites and broadband vertical channels. The company’s media portfolio includes: Lifestyle Media, with lifestyle television and Internet brands HGTV, Food Network, DIY Network, Fine Living Network (FLN) and country music network Great American Country; and Interactive Services, with leading online search and comparison shopping services BizRate and Shopzilla.
Scripps Network acquires 69 pc stake in NDTV