US media firm Turner acquires 85.68 pc stake in NDTV Imagine

NDTV, last year, had said it had entered into an agreement with Turner Asia Pacific for selling majority stake in NDTV Imagine for about Rs 546 crore, a deal that will help the Indian media group turn debt-free.

In a filing to the Bombay Stock Exchange, NDTV said that pursuant to the receipt of consideration from Turner and regulatory approvals, the US media giant would now hold 85.68 per cent stake in NDTV Imagine.

The transaction has been concluded on February 23, 2010, by transfer of shares, the filing added.The media conglomerate had in December said it will sell 76 per cent stake in NDTV Imagine to Turner for USD 67 million (about Rs 314 crore). Besides, the Time Warner company was to acquire fresh equity worth USD 50 million in the entertainment channel launched in 2008.

As of March 31, 2009, NDTV had debts of Rs 112 crore and industry sources say the move is part of a four-stage restructuring plan being undertaken by the city-based broadcaster.

In late 2009, NDTV announced selling of 69 per cent stake in its lifestyle programming subsidiary NDTV Lifestyle, which runs NDTV GoodTimes, to US-based Scripps Networks for USD 55 million. In another move, the company had bought back bonds for USD 72.4 million to reduce outstanding borrowings and cut down interest burden.

In October, NDTV had also bought back NBC Universal's 26 per cent stake in its subsidiary NDTV Networks to consolidate its position.