NEW DELHI, December 17, 2009 (AFP) – Time Warner Inc said Thursday its board had approved the acquisition of Indian entertainment channel NDTV Imagine Ltd. for 126.5 million dollars. The purchase from NDTV Networks Plc will be made through unit Turner Asia Pacific Ventures, Inc. and will see it gain a 92 percent stake in Imagine, and includes 50 million dollars to fund business after the sale has closed.
“This acquisition marks another significant milestone in Turner’s business in India,” said Steve Marcopoto, president of Turner Broadcasting System Asia Pacific Inc, in a statement.
“Our accelerated pace of investment here underscores both our commitment to this dynamic market and our view of India’s compelling long-term potential,” he added.
NDTV Imagine, a Hindi-language general entertainment channel launched last year, operates in the competitive reality television and drama market.
“Time Warner’s experience, expertise and resources will ensure that Imagine achieves its full potential in the near future,” said Prannoy Roy, chairman of NDTV Limited, of which NDTV Networks Plc. is an indirect subsidiary.
Roy said the sale was part of a restructuring