NDTV divests 49% in subsi to Malaysia group

New Delhi Television (NDTV) today said Malaysia-based Astro All Asia Networks would acquire a 49 per cent stake for $40 million (Rs 182 crore) in its subsidiary, NDTV Lifestyle.

Under the agreement, South Asia Creative Assets Ltd, a subsidiary of Astro All Asia Networks Plc, will acquire the 49 per cent stake in NDTV Lifestyle Holdings Private Ltd in two tranches, the media company said in a filing to the Bombay Stock Exchange.

The balance 51 per cent stake will stay with NDTV. The transaction is subject to receiving all requisite regulatory approvals.

In addition to operating NDTV Good Times, NDTV and Astro may also engage in non-material diversification into complementary lines related to the lifestyle segment through the joint venture company.

Astro All Asia Networks Plc is a cross-media group with presence in Malaysia, India, West Asia and other regional and international markets, primarily engaged in the provision of direct-to-home subscription television services, radio services, film library licensing, multi-media interactive services, and television content creation, aggregation and distribution. It also has investments in pay television and radio broadcasting in India.

Shares of NDTV were trading at Rs 114.90 on the BSE, up 0.9 per cent from the previous close.