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NDTV to sell indirect stake in Imagine to Turner Asia Pacific Ventures for $117 mn

NDTV to sell indirect stake in Imagine to Turner Asia Pacific Ventures for $117 mn

Author | exchange4media News Service | Wednesday, Dec 09,2009 8:12 AM

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NDTV to sell indirect stake in Imagine to Turner Asia Pacific Ventures for $117 mn

New Delhi Television Ltd (NDTV) has informed the Bombay Stock Exchange (BSE) that the company has, on December 8, 2009, entered into a conditional agreement with Turner Asia Pacific Ventures, Inc. (TAPV) for sale of most of its indirect stake in NDTV Imagine Ltd, which is held through its subsidiary, NDTV Networks Plc.

The total transaction size is $117 million and involves a sale of 76 per cent of NDTV Imagine for a consideration of $67 million together with the subscription to fresh shares in Imagine by TAPV for $50 million.

Prior to the issuance of primary shares to TAPV, NDTV Networks Plc will retain a stake of 5 per cent in Imagine. The transaction is subject to approval from the Board of Time Warner Inc (the parent of TAPV), and from regulatory authorities.

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