New Delhi – Time Warner Inc. announced that its board of directors has approved the acquisition of NDTV Imagine Limited (Imagine) from NDTV Networks Plc, an indirect subsidiary of NDTV Limited. Imagine owns a leading Hindi general entertainment channel and other entertainment assets in India. The acquisition will be made by Turner Asia Pacific Ventures, Inc., a Time Warner company, and Imagine will become a key part of Turner’s operations in the Asia-Pacific region. Time Warner says it is increasingly focused on developing its businesses internationally, especially in fast-growing markets like India. Turner is investing a total of $126.5 million in this transaction, resulting in a 92% stake in Imagine. It includes the secondary purchase of an 87.4 percent stake in Imagine from NDTV Networks Plc and another minority shareholder, as well as a $50 million primary capital infusion for the funding of the business at the acquisition’s closing. The remaining 8 percent stake in Imagine will be held by the current management of Imagine, ESOP holders and NDTV Networks Plc. After the completion of the transaction, once regulatory approvals are received, Imagine will continue to be led by Sameer Nair as CEO. Nair and the company’s existing core team will work in tandem with Turner’s senior management. Prannoy Roy, chairman, NDTV Limited said, “For NDTV, this marks the final stage and the successful conclusion of the restructuring of its subsidiary, NDTV Networks, plc. As a result of this restructuring, the NDTV Group will be in a position to be cash-surplus and debt-free on a consolidated basis.”