NDTV to buy back 26 per cent NBC Universal stake
15 Oct 2009
Prannoy Roy-promoted broadcaster New Delhi Television Ltd (NDTV) has announced it will buy back the 26 per cent stake of media firm NBC Universal (NBCU) in NDTV Networks Plc, the holding company of the non-news business group.
NDTV Networks BV, a subsidiary of NDTV, will make the buy-back of NBCU's 26 per cent stake in NDTV Networks Plc to further consolidate its position.
In January 2008, the NDTV group and NBCU had entered into a strategic partnership with NBCU taking 26 per cent stake in NDTV Networks for $150 million.
NDTV, launched in 1988 with a news and current affairs show 'The World This Week', for India's state-owned broadcaster Doordarshan. The show quickly scorched the popularity charts and firmly established NDTV's image as a credible private news producer. NDTV then moved on to become the sole news content provider and producer of India's 24-hour news channel, Star News.
The company went to achieve another milestone in 2003 with the launch of two 24-hour news channels - NDTV 24x7 in English and NDTV India in Hindi. The company followed this up with a 24-hour business news channel NDTV profit in 2005.
In 2007, the company broke new ground with the setting up of a subsidiary NDTV Plc, a move that marked its entry in areas beyond news.