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Broadcaster NDTV Ltd will buy back a minority interest in its non-news subsidiary NDTV Network Plc. from NBC Universal. The company had sold a 26% stake in the UK-incorporated subsidiary, which acts as a holding company for the group’s non-news businesses, to the American media conglom in May 2008. The transaction last year happened at $150 million. The price at which the stake is being bought back is unknown as yet.
At the time of writing, NDTV scrip was up 3.17% at Rs162.50 while the benchmark Sensex was down 0.03% on the Bombay Stock Exchange.
The timing of NBC’s exit comes as a surprise. Mint reported recently that NBC was talking to buy a greater stake in NDTV Networks. Sameer Nair, CEO of NDTV Imagine, in fact went on the record with Mint and said NBC was in talks to acquire a majority stake. More…