Close on the heels of the NDTV Lifestyle (Lifestyle) -Scripps Networks deal, in which New Delhi Television Limited (NDTV) sold 69 percent of its stake in Lifestyle, NDTV has inked another agreement with the Time Warner-owned Turner Asia Pacific Ventures (Turner) as a part of NDTV’s restructuring.

Close on the heels of the NDTV Lifestyle (Lifestyle) -Scripps Networks deal, in which New Delhi Television Limited (NDTV) sold 69 percent of its stake in Lifestyle, NDTV has inked another agreement with the Time Warner-owned Turner Asia Pacific Ventures (Turner) as a part of NDTV’s restructuring.

NDTV, subject to regulatory approval and a ‘go-ahead’ from the New York based entertainment conglomerate, is selling a 76 percent indirect stake in NDTV Imagine (Imagine) for a consideration of $67 million (Rs. 313 crore) on December 8. The stake is held by subsidiary NDTV Networks Plc, and involves a fresh issue of equity shares worth $50 million (Rs. 233 crore). With the fresh issue, the deal is valued at $ 117 million (Rs.546 crore). Sources inform us, that with the Turner deal, NDTV will exit world cinema channel, NDTV Lumiere and NDTV Showbiz.

Luthra & Luthra, NDTV’s long standing counsel advised them. Senior Associates Shishir Vayttaden, Monica Datta, Amit Shetye led the transaction assisted by Associates, Lopamudra Rao, Kanika Choudhary and Aneek Bangabash. Turner retained Clifford Chance, Singapore to advise them on the transaction. Partner and head of the India Capital Markets Unit, Rahul Guptan, was not available for comment.

Previously, Clifford Chance has advised Turner on several India related acquisitions. Clifford Chance, led by Alison Lindsay and Senior Associate Lee Taylor had advised Turner Broadcasting, as international counsel on its equal joint venture with India’s Alva Brothers, to launch television channels Zoom and Pogo.