Time Warner confirms India buy
Turner Broadcasting confirmed Dec 17 that it would spend $126.5m to buy 92% of Indian broadcaster NDTV Imagine.
Turner will use its Turner Asia Pacific Ventures subsidiary, which sits under the Time Warner umbrella, to effect the purchase, which was originally announced earlier in the month. 92% will be held by Turner, and the remaining 8% share held by staff. Imagine will continue to be led by CEO Sameer Nair.
Turner Broadcasting System Asia Pacific (TBSAP) president Steve Marcopoto said: "India continues to be a key priority for us. Our accelerated pace of investment here underscores both our commitment to this dynamic market and our view of India's compelling long-term potential.”
© Rapid TV News 2009