NEW YORK (AP) — Time Warner Inc. said Wednesday it will buy most of NDTV Imagine Ltd. from India’s NDTV Networks PLC for $126.5 million.
The transaction will give Time Warner unit Turner Asia Pacific Ventures Inc. a 92 percent stake in Imagine.
Imagine owns one of the leading Hindi-language general entertainment channels as well as other entertainment assets in India, Time Warner said. The price includes $50 million to be invested in Imagine.
Time Warner said Sameer Nair will continue as CEO.
Last month Scripps Networks Interactive Inc. said it will pay $55 million for 69 percent of NDTV Lifestyle, which runs NDTV Good Times, the top-ranked English-language lifestyle channel in India.
Time Warner shares fell 10 cents to close at $30.04 on Wednesday.