Business – Turner acquires 76 per cent in NDTV Imagine

MUMBAI: NDTV is selling most of its indirect stake in NDTV Imagine to Turner Asia Pacific Ventures (TAPV) for $ 117 million.

The deal involves sale of 76 per cent of NDTV Imagine for $ 67 million and also fresh issue of equity shares for $ 50 million to Turner.

The transaction will be via NDTV Networks plc.

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 receipt of an approval from the board of Time Warner Inc and from regulatory authorities.