NBC Universal picks up 26% stake in NDTV Networs; invests $150 mln

Subscribe to Oneindia News

New Delhi, May 24 (UNI) US media giant NBC Universal (NBCU) today said it will pick up 26 per cent stake in NDTV Networks, the overseas subsidiary responsible for New Delhi Television's entertainment and lifestyle channels and digital media ventures, with an investment of 150 million dollars.

NBCU, by a subscription of shares for 150 million dollars, has the option in two years to increase their stake, at the then fair market value, in the holding company of Networks PLC to 50 per cent with NDTV Group holding an equal 50 per cent stake, a statement said.

The five billion dollar Indian TV market is a lucrative opportunity for foreign players as the sector is growing at 16 per cent, and is expected to reach nine billion dollars in the next few years.

Viacom (with Television 18) and Turner International (with Miditech) had made similar announcements last year.

UNI SR PDT GC1653

Please Wait while comments are loading...