Times buys stake in Nimbus, Neo Sports

Times buys stake in Nimbus, Neo Sports
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First Published: Mon, Mar 22 2010. 01 15 AM IST
Updated: Mon, Mar 22 2010. 02 38 PM IST
New Delhi: The Times of India Group has acquired a small stake in Nimbus Communications Ltd and its associate firm Neo Sports Broadcast Pvt. Ltd, said a Nimbus statement on Sunday, which did not specify the value of the stake.
The deal will allow Nimbus and Neo Sports to advertise their sports and broadcasting businesses through Times group media outlets.
“This deal will help us strengthen and accelerate growth in market shares and revenues of our businesses,” said Akash Khurana, vice-chairman, Nimbus.
“This is a unique investment in the media sector for us,” said Ravi Dhariwal, chief executive of Times Group. “We feel that we can contribute strongly to Nimbus’ and Neo Sports’ growth through our leadership position and our strong reach across media platforms in multiple markets.”
‘The Times of India’ is published by Bennett, Coleman and Co. Ltd, which competes with HT Media Ltd, the publisher of Mint and the ‘Hindustan Times’.
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First Published: Mon, Mar 22 2010. 01 15 AM IST