| NBC picks 26% stake in NDTV Networks |
| BS Reporter / New Delhi January 22, 2008 |
| In order to expand its presence in the television entertainment space, Delhi-based news broadcaster NDTV has sold 26% stake in NDTV Networks to NBC Universal, leading international media and entertainment company, for $150 million (around Rs 580 crore). As per the agreement with NDTV, NBC Universal can increase its stake to 50% in NDTV Networks by 2010. Last year, private equity investors had bought a 24% stake in NDTV Networks for about $120 million (around Rs 470 crores). Through this association, NDTV will gain access to various television formats including talk shows of NBC Universal. Both companies will soon inititiate dialogues over the exchange of programming formats and shows. "This will be a significant investment in an important emerging market and further illustrates our commitment to expand internationally, particularly in high-growth areas. The Indian TV market is growing at 16% annually, which provides huge opportunities now and into the future," NBC Universal chief executive Jeff Zucker said in a statement. Prannoy Roy, chairman, joint founder and majority shareholder of NDTV, stated, "We are delighted to have NBC as our partner. This agreement is a significant step for us." 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. Tejpreet Singh Chopra, president & CEO, GE India, commented, |
