NDTV to sell stake in NDTV Imagine to Turner for $117mn

Media company New Delhi Television (NDTV) today said it has entered into a pact with Turner Asia Pacific for selling most of its indirect holding in NDTV Imagine for $117 million (about Rs 546 crore).

As part of the agreement entered into by both the companies, NDTV, through its subsidiary NDTV Networks Plc, will sell 76 per cent of NDTV Imagine for $67 million, plus a fresh issue of equity shares worth $50 million to Turner, NDTV said in a filing to the Bombay Stock Exchange.

NDTV Networks will retain a 5 per cent stake in the channel before the issue of fresh shares, it said.

The deal is subject to approval of Turner Asia Pacific Venture's parent firm Time Warner Inc and other regulatory authorities, the filing added.

Last month the media conglomerate had said it will sell 69 per cent stake in its lifestyle programming subsidiary NDTV Lifestyle, which runs the lifestyle channel NDTV GoodTimes, to US based Scripps Networks for $55 million.

Shares of NDTV Ltd were trading at Rs 164.70, up 3.20 per cent in the afternoon trade on the BSE.