Time Warner board has approved the Hindi general entertainment channel NDTV Imagine acquisition. Time Warner Company’s Turner Asia Pacific Ventures, Inc will acquire a 92% stake in Imagine. The remaining 8% stake in Imagine will be held by ESOP holders and NDTV Networks.
Sameer Nair as Chief Executive Officer of NDTV Imagine will lead the Company and existing NDTV Imagine core team will work in tandem with Turner’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. 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” said Steve Marcopoto, President, Turner Broadcasting System Asia Pacific.
“NDTV welcomes Time Warner and Turner to Imagine. Time Warner is one of the world’s finest media organizations, while Imagine has an outstanding team and has built for itself a very solid base. 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” stated Dr. Prannoy Roy, Chairman, NDTV Limited.
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