NDTV sells Imagine to Time Warner unit for Rs546 crore

Turner Asia Pacific Ventures Inc., a unit of Time Warner, yesterday said it has agreed in principle to acquire a 92-per cent stake in general entertainment channel NDTV Imagine for about Rs546 crore.

"Turner International has signed an agreement in principle to acquire 92 per cent of NDTV Imagine, subject to regulatory and Time Warner Board approval," Turner International India Pvt Ltd managing director Anshuman Misra said in a statement in Mumbai.

The US media giant will buy 76 per cent stake from NDTV Network Plc., an offshore holding company for the non-news businesses of the Prannoy Roy promoted New Delhi Television Ltd (NDTV) group, for $67 million (about Rs314 crore), and will also invest $50 million in the business against a fresh issue of shares.

Turner will buy the remaining stake from key employees and associates. NDTV, together with employees, will then collectively be restricted to an 8 per cent stake.

NDTV Networks originally held 82.05 per cent in NDTV Imagine, with film-maker Karan Johar and NDTV Imagine chief executive Sameer Nair holding 15 per cent, and the remainder divided among NDTV management.

NDTV Network Plc. will hold 5 per cent in NDTV Imagine till the fresh issue of shares, post which it will get diluted down to about 3 per cent.