Nimbus Communications Ltd signed a deal with the Times of India Group on March 21, 2010, wherein the latter will acquire a small ownership stake in Nimbus and its associate company, Neo Sports Broadcast Pvt Ltd.
The deal forges a long-term relationship between two leading media companies. As part of the terms, Nimbus and Neo Sports will leverage the various media vehicles across Times Group to advertise its sports and broadcasting businesses.
Nimbus, which recently announced a multi-year, multi-event deal with Asian Tour Golf, and Neo Cricket, for two successive years in 2008 and 2009, plan to utilise the various Times media vehicles to advertise and market these events. The Times media vehicles also offer a platform for events such as US PGA Tour Golf, Bundesliga, Seria A Football and other such premium properties that are broadcast by Neo Sports.
Commenting on the deal, Dr Akash Khurana, Vice Chairman, Nimbus, said, “This alliance with the Times of India Group provides a unique opportunity for drawing on strengths and synergies between the organisations. Our businesses are at inflection points, and this deal will help us strengthen and accelerate growth in market shares and revenues of our businesses.”
Ravi Dhariwal, CEO, Times Group, said, “This is a unique investment in the media sector for us. We feel that we can contribute strongly to Nimbus and Neo Sports’ growth through our leadership position and our strong reach across media platforms in multiple markets. Their leadership position in sports rights, production and sports broadcasting is well known, and we hope to enhance the momentum of their growth story.”