It’s Official: NBC Universal Picks Up 26 Percent Stake In NDTV Networks For $150 Million
By Nikhil Pahwa - Tue 22 Jan 2008 04:15 AM PST
We had confirmed this on Jan 2nd, and now here’s the official statement regarding NBC Universal (NYSE: GE) picking up 26 percent stake in NDTV Networks Plc, the UK subsidiary of Indian media co NDTV. NDTV Ltd has informed the Bombay Stock Exchange that they’ve signed an agreement with NBC Universal, under which an affiliate of NBC Universal will pick up 26 percent stake in NDTV Networks PLC for $150 million. What’s more, NBCU affiliates would also have the option of acquiring upto 50 percent stake in the NDTV Networks Plc in the third year of the joint venture.
NDTV Networks Plc is the parent company of NDTV Imagine Ltd, NDTV Lifestyle Ltd, NDTV Convergence Ltd (which owns the Internet and Mobile properties) and NDTV Labs Ltd and 50 percent in NGEN Media Services Private Ltd (the media outsourcing company). Importantly, the deal does not cover any news channels in India, in which foreign direct investment is regulated. This is the third such major deal of a major U.S. media conglom taking a stake in a TV network in India recently: Viacom (NYSE: VIA) has a JV with TV18, and Disney (NYSE: DIS) picked up up a stake in UTV.
Posted in: Companies, NDTV, JV & Investment
