NDTV may offload 26% stake to NBC

NDTV may offload 26% stake to NBC
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First Published: Tue, Jul 24 2007. 05 55 PM IST
Updated: Tue, Jul 24 2007. 05 55 PM IST
PTI
New Delhi: NDTV is rumoured to be in talks with US entertainment major NBC Universal for selling 26% stake in it’s upcoming entertainment business.
NDTV Entertainment, a 100% subsidiary of Prannoy Roy promoted New Delhi Television Limited (NDTV) is estimated to be valued at up to $500 mn (over Rs 2,000 crore)and is likely to launch its entertainment channel soon.
Although when contacted Sameer Nair, Star’s ex-CEO who is now heading NDTV Entertainment, declined to comment on the deal.
NDTV and NBC, a venture of GE Group, are understood to have signed a preliminary agreement or term sheet last week for the purpose but the value for the proposed transaction is yet to be ascertained.
The group would launch three channels under its entertainment venture -- NDTV Imagine. First, general entertainment channel in Hindi is expected by the end of this year or early 2008.
NDTV had recently got approval from the Foreign Investment Promotion Board (FIPB) for foreign investment to the tune of Rs 585 crore for its foray into the vast and challenging entertainment and lifestyle space.
According to official sources, bulk of this investment (from Rs 585 crore) will be made into NDTV Imagine.
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First Published: Tue, Jul 24 2007. 05 55 PM IST