Time Warner Buys into NDTV Imagine

MUMBAI/NEW YORK: Time Warner is further expanding its business in India—where it already operates Cartoon Network, Pogo and WB, among other channels—taking a majority stake in the Hindi-language general-entertainment channel NDTV Imagine.

Turner Asia Pacific Ventures has reached a deal with NDTV Networks to take 92 percent of Imagine for $126.5 million, with the remaining 8 percent being held by the company’s current management, ESOP (employees stock ownership plan) holders and NDTV Networks.

Sameer Nair will remain in charge as CEO, with Imagine’s existing core team working with Turner Asia’s senior management.

"This acquisition marks another significant milestone in Turner’s business in India, and I’m particularly delighted to announce this deal as we celebrate 20 years in the Asia-Pacific region," said Steve Marcopoto, the president of Turner Broadcasting System Asia Pacific.

"India continues to be a key priority for us. Our accelerated pace of investment here underscores both our commitment to this dynamic market and our view of India’s compelling long-term potential. NDTV has created a first-class network that has been successful in catering to the needs of the entire spectrum of television audiences and we’re happy to leverage our expertise to help take the channel forward.”

Prannoy Roy, the chairman of NDTV, added: "Time Warner’s experience, expertise and resources will ensure that Imagine achieves its full potential in the near future. For NDTV, this marks the final stage and the successful conclusion of the restructuring of its subsidiary, NDTV Networks, As a result of this restructuring, the NDTV Group will be in a position to be cash-surplus and debt-free on a consolidated basis."

Turner’s Indian business already includes Cartoon Network, Pogo, CNN International, WB, HBO and TCM, and the joint ventures CNN IBN and Real.