NDTV sells 26% unit stake to NBC for $150mn

New Delhi Television (NDTV) and an overseas subsidiary of NDTV have signed a memorandum of agreement  with NBC Universal Inc and a subsidiary of NBCU for divesting 26% stake in an overseas subsidiary for $150 million.

According to a release issued by NDTV to the Bombay Stock Exchange on Tuesday, the said subsidiary is the indirect parent company of the following companies: NDTV Imagine, NDTV Convergence, NDTV Labs, NDTV Lifestyle, NDTV Emerging Markets B.V.

"The said subsidiary is a joint venture partner in NGEN Media Services," the release added.

The MoA also envisages that NBCU affiliates would have the option to acquire up to 50% of the said subsidiary in the third year of the joint venture at the then fair market value.

"The proposed joint venture shall not relate to news channels in India," the release added.