Nimbus Communications May Get $125 Million From An Unnamed Global Media Giant
By Sahad PV - Thu 14 Dec 2006 12:22 PM PST
Nimbus Communications - the media company which created history early this year when it won the Indian domestic cricket rights for $612 million - is going in for another round of stake dilution. An unnamed international media giant is investing $125 million for a stake of 25 per cent in Nimbus, reports Business Standard. An announcement is expected in early January, the paper reports. One of the names speculated by the paper is NewsCorp, however, that is not definite. The funds will be used to float new channels and also for a foray into video-on-demand.
Once the stake dilution happens, Nimbus Chairman and Managing Director Harish Thawani’s stake will come down from 54 per cent to 40 per cent, while the combined shareholding of 3i and Deutsche Bank will come down from 40 per cent to 30 per cent.
Private equity fund 3i had invested $45 million in Nimbus in August 2005.
Posted in: Mergers & Acquisitions, Sports, TV
