Time Warner buys most of NDTV Imagine for $126.5M

AP News
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Posted: Dec 16, 2009 6:28 PM

Time Warner Inc. said Wednesday it will buy most of NDTV Imagine Ltd. from India's NDTV Networks PLC for $126.5 million.

The transaction will give Time Warner unit Turner Asia Pacific Ventures Inc. a 92 percent stake in Imagine.

Imagine owns one of the leading Hindi-language general entertainment channels as well as other entertainment assets in India, Time Warner said. The price includes $50 million to be invested in Imagine.

Time Warner said Sameer Nair will continue as CEO.

Last month Scripps Networks Interactive Inc. said it will pay $55 million for 69 percent of NDTV Lifestyle, which runs NDTV Good Times, the top-ranked English-language lifestyle channel in India.

Time Warner shares fell 10 cents to close at $30.04 on Wednesday.