Hindi language General Entertainment Channel, Imagine TV, which is owned by Turner Broadcasting, is shutting down its business operations, with effect from 12th April 2012. Turner is also closing down the channel’s international feed, ‘Imagine Dil Se’. The channel will continue to be on air, till the official process is completed, but will only air re-runs of shows.
In a press statement, Siddharth Jain, Managing Director- South Asia, Turner International India said that the channel failed to grow and perform as per expectations, and was unable to achieve the ratings consistency needed to sustain the business and support continued investment. “As a result, Turner made the carefully considered decision to cease operations of the channel.”
Interestingly, this is the second time that Turner is shutting down a Hindi GEC. Previously, the company had closed down, Real, its 50:50 JV with Alva Brothers of Miditech. Turner had acquired a 92% stake in Imagine for a sum of $126.5 million from NDTV, which had initially started the channel. Turner also broadcasts CNN, HBO, Cartoon Network, Pogo in India.
NDTV’s other channel Imagine Showbiz, which was launched as a JV with Cinestar, was also part of the Turner deal. Later, Cinestar had bought Turner’s stake as well. However, Reliance Broadcast Network, later acquired the channel from Cinestar. Another channel which was part of the deal was Lumiere Movies (NDTV Lumiere), NDTV’s JV with Alliance Lumière Pvt. Ltd. The channel broadcasts foreign films and is now owned by Turner Broadcasting.