Turner completes acquisition, NDTV Imagine becomes Imagine TV
MUMBAI: Turner Asia Pacific Ventures (TAVP) has completed the acquisition of NDTV Imagine Ltd, prompting a name change of the three channels that was run under the NDTV banner.
The ‘NDTV‘ brand will drop out and the channels will be labeled Imagine TV, Lumiere Movies and Imagine Showbiz.
The three channels will be under Turner General Entertainment Networks (TGEN), the holding company that will infuse fresh capital to fund the network‘s growth.
NDTV said Wednesday it has received all the regulatory approvals and the transaction has been concluded on 23 February by transfer of shares, amounting to 85.68 per cent of NDTV Imagine Ltd, by NDTV Networks Plc to TAPV.
In December last year, TAPV had reached an agreement with NDTV to acquire 92 per cent stake in NDTV Imagine for $117 million, freeing the Prannoy Roy-promoted broadcasting company from its loss-making verticals.
Turner had earlier invested into a Hindi general entertainment channel, Real, with Miditech as a joint venture partner. But the channel never looked up, settling at the bottom of the Hindi GEC pyramid.
For NDTV, the slowdown of the economy had forced it to restructure its diversified businesses. NDTV had sold 69 per cent stake in its lifestyle programming subsidiary, NDTV Lifestyle, to US-based Scripps Networks Interactive in a deal worth $55 million.