The Hindu : Business : NBC to acquire 26 p.c. stake in NDTV Networks

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Wednesday, Jan 23, 2008
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NBC to acquire 26 p.c. stake in NDTV Networks

Special Correspondent

NEW DELHI: Global media and entertainment firm NBC Universal will acquire a 26 per cent stake in NDTV Networks plc, the holding company for NDTV’s entertainment and lifestyle channels, for $150 million with an option to raise the stake to 50 per cent in two years, according to a joint release issued here on Tuesday.

With an aim to form a long-term strategic partnership in India, NBC Universal has executed a memorandum of agreement with the country’s leading news and infotainment network NDTV.

“We are delighted to have NBC as our partner. This agreement is a significant step for us. Today, two pioneers in the television history of the world’s two largest democracies have come together to cater to a dynamic and demanding set of viewers,” NDTV Chairman and Joint Founder, Prannoy Roy, said.

The agreement also includes an option for NBC Universal to increase its stake to become an equal partner with NDTV in the joint venture firm through which NBC Universal is investing, subject to any necessary consents and approvals, the release added. The agreement is subject to NDTV shareholder’s approval. NBC Universal, a subsidiary of New York Stock Exchange-listed General Electric, came into existence in 2004 when General Electric’s NBC combined with the French media company Vivendi Universal Entertainment.

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