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NBC Buys 26% in NDTV subsidiary

January 22, 2008

New Delhi Television (NDTV) has announced that NDTV and an overseas subsidiary of NDTV have signed a MoA with NBC Universal, Inc. (NBCU) and a subsidiary of NBCU in respect of the sale / issue by an overseas subsidiary of NDTV of an effective 26% stake to an affiliate of NBCU for a consideration of US $ 150 million. The said subsidiary of NDTV is the indirect parent company of the following companies: NDTV Imagine, NDTV Convergence, NDTV Labs, NDTV Lifestyle, NDTV Emerging Markets B.V and the said subsidiary is a joint venture partner in NGEN Media Services.

The MoA also envisages that NBCU affiliates would have the option to acquire up to 50% of said subsidiary in the third year of the joint venture at the then fair market value. The MoA and the transaction contemplated therein are subject to receipt of all necessary approvals. The proposed joint venture shall not relate to news channels in India.

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