Indiantelevision.com Team

(23 January 2008 10:00 pm)

MUMBAI: Entertainment Network (India) Limited’s out-of-home subsidiary Times Innovative Media (TIM) has sold its 16.5 per cent worth Rs 2 billion to two investment firms, Lehman Brothers and Goldman Sachs.

Goldman Sachs and Lehman Brothers have each acquired 8.28 percent in TIM, in a deal that values TIM at Rs 12 billion rupees.

Goldman Sachs is a global investment banking, securities and investment management firm that provides a range of services worldwide to a substantial and diversified client base that includes evaporations, financial institutions, governments and high net worth individuals.

Lehman Brothers deals with investment banking, private equity, equity and fixed income sales, trading and research, private investment management, and asset management worldwide.

Besides TIM's event management business has also been transferred to another entertainment network unit - Atlanta Brand Solutions - for Rs 70 million, the company said.