Time Warner has announced an increase in its investment in Indian media company NDTV‘s subsidiary Imagine – its board of directors have approved the acquisition of 92 percent stake for a sum of $126.5 million. The acquisition will be made via Turner Asia Pacific Ventures, part of the Time Warner group of firms. NDTV Imagine runs NDTV Lumiere, Imagine Showbiz and NDTV Imagine Film Company besides its general entertainment and lifestyle channel NDTV Imagine.
On December 8, NDTV had informed the BSE that it was selling 76 percent stake in the channel for $117 million, which was part of its overall 4-point strategy for becoming cash flow positive.
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- NDTV Networks CEO Vikram Chandra On The 4 Point Plan For Becoming Cash Flow Positive
- NDTV Net Loss Down 9.13%; NDTV Profit Retains #2 Position
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$50M Capital Flows In
The $126.5 million investment includes the secondary purchase of an 87.4% stake in Imagine from NDTV Networks Plc and another minority shareholder, as well as a $50 million primary capital infusion into Imagine for development. The remaining 8% stake in Imagine will be held by the current management of Imagine, ESOP holders and NDTV Networks Plc, Time Warner disclosed.
NDTV Imagine’s management will continue to head the firm, a profile of its top executives is here. With this, Imagine joins Turner’s channels including Cartoon Network, POGO, CNN International, Real, WB, HBO and TCM.
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