NDTV - NBC MoA for stake sale

New Delhi Television Ltd (NDTV) has informed that NDTV and an overseas subsidiary of NDTV have signed a Memorandum of Agreement ("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 USD 150 million. The said subsidiary of NDTV is the indirect parent Company of the following Companies: NDTV Imagine Ltd, NDTV Convergence Ltd, NDTV Labs Ltd, NDTV Lifestyle Ltd, NDTV Emerging Markets B.V and the said subsidiary is a joint venture partner in NGEN Media Services Pvt Ltd.

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.