Mumbai: Media firm New Delhi Television (NDTV) on Tuesday said Malaysia-based Astro All Asia Networks will acquire 49% stake for $40 million (about Rs 182 crore) in its lifestyle subsidiary NDTV Lifestyle.
According to the transaction, South Asia Creative Assets Ltd, which is a subsidiary of Astro All Asia Networks Plc, will acquire the stake, the media firm said in a filing to the Bombay Stock Exchange.
The balance 51% stake in the joint venture will be held by NDTV. The transaction is subject to receiving all requisite regulatory approvals, the filing added.
In addition to operating NDTV Good Times, NDTV and Astro may also engage in non-material diversification into complementary lines related to the lifestyle segment through the joint venture company.
Astro All Asia Networks Plc is a cross-media group with significant presence in DTH (Direct-To-Home) TV services, commercial radio and TV programming.
Shares of NDTV were trading at Rs 114.75 on the BSE, up 0.75% from the previous close.