US-based Scripps Networks to buy 69% stake in NDTV Lifestyle
NEW DELHI, Nov 20, 2009 (Asia In Focus via COMTEX) --
Company: Scripps Networks Interactive (SNI)
India's NDTV GROUP (BSE: 532529) on Thursday announced that the US-based SCRIPPS NETWORKS INTERACTIVE will acquire 69 per cent stake in its lifestyle programming subsidiary, NDTV LIFESTYLE, which runs the lifestyle channel NDTV GoodTimes, for US$55 million (around Rs 255 crore). Scripps Networks and NDTV Group reached a definitive agreement on the US$55-million transaction, which is expected to be completed by the end of the first quarter 2010, NDTV Group said in a statement.
* While Scripps, a television and Internet lifestyle-oriented content developer, will hold 69 per cent stake in NDTV Lifestyle, NDTV Group will retain a 31 per cent stake in the venture, it added.
* "We know our lifestyle brands play well around the globe, and NDTV GoodTimes channel and NDTV Lifestyle serve as sturdy platforms for us to build lifestyle television programming businesses in one of the world's most promising media marketplaces," Scripps Networks International president Greg Moyer said.
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Company: Scripps Networks Interactive (SNI)
Related terms: acquisition, india, internet, media, programming, television
