Rumour has it that Blackstone is probably looking at buying a stake in NDTV Networks, an NDTV Group company as part of an investment consortium. NDTV Networks plans to raise $130-160 mn by diluting 25-30% to the consortium, valuing the company at $433-640 mn. The money raised will be used for establishing new channels and businesses. NDTV Networks intends to list on the London Stock Exchange AIM market by the stake sale. Jefferies International Limited is the merchant banker to the issue.
Blackstone had recently invested $275 mn in Hyderabad-based Ushodaya Enterprises, owners of Eenadu and ETV, and Ramoji Rao Film City, one of the largest investments by a private equity fund in an Indian media company (See Related Post).
NDTV Networks will invest $106 mn of the cash in NDTV Imagine Limited, a Hindi mass entertainment channel with film director Karan Johar as partner, and $25.3 mn in NDTV Lifestyle Limited, a channel dedicated to travel, food, shopping, health and wellness. NDTV Networks also owns NDTV Labs, which develops technology and software solutions for TV broadcasting, NDTV Convergence, which owns and operates websites, and 50% in NDTV Media Services Private Limited, a JV with Genpact India Holdings, a media process outsourcing firm for overseas clients.
Read the Business Standard article.
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