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NDTV sells 26 percent stake to NBC
Wednesday, 23 January 2008, 17:00 IST
New Delhi: U.S. based media and entertainment company NBC Universal has acquired 26 percent stake in Prannoy Roy's NDTV for $150 million.
Acording to the agreement with NDTV, NBC Universal could increase its stake to 50 percent in NDTV Networks by 2010.
Market experts feel NDTV, in order to expand its presence in the television and entertainment space, has gone ahead with the plan. Last year, private equity investors had bought 24 percent stake in NDTV Networks for about $120 million.
With this new deal, NDTV will have reach to various programmes on NBC Universal.
NDTV and NBC will soon discuss the modalities for exchange of programmes and shows. Market experts say the Indian TV broadcasting market is growing at 16 percent annually.
NBC Universal Chief Executive Jeff Zucker said in a statement, "This provides a huge opportunity now and in future for television broadcasting."
Prannoy Roy, Chairman, joint founder and majority shareholder of NDTV, said he was delighted to have NBC as a partner.
"This agreement is a significant step for us," he commented.
Tejpreet Singh Chopra, president & CEO, GE India said the media industry in the country offers tremendous opportunity for growth.
Source: IANS
Source: IANS