Time Warner acquires Indian entertainment channel

The Time Warner board has approved the acquisition of Indian entertainment channel NDTV Imagine Ltd. for $126.5 million.

The purchase from NDTV Networks will be made through Turner Asia Pacific Ventures and will see it gain a 92 per cent stake in Imagine, and includes $50 million to fund the business after the sale has closed.

"This acquisition marks another significant milestone in Turner's business in India," said Steve Marcopoto, president of Turner Broadcasting System Asia Pacific. "Our accelerated pace of investment here underscores both our commitment to this dynamic market and our view of India's compelling long-term potential," he added.