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Scripps Announces Majority Stake Acquisition in NDTV for $55 Million (SNI)

Posted on: Thu, 19 Nov 2009 15:04:00 EST

Symbols: SNI

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Nov 19, 2009 (SmarTrend(R) News Watch via COMTEX) --
SNI | Quote | Chart | News | PowerRating -- 11/19/2009-Media firm Scripps Network Interactive (NYSE:SNI) announced Thursday that it has entered into an agreement to buy a majority stake in India-based broadcaster New Delhi Television Ltd's lifestyle unit, in a deal valued at approximately $55 million.

The acquisition is part of Scripps' larger effort for international expansion. According to terms of the agreement, Scripps will receive a 69% stake in NDTV Lifestyle, and NDTV Group will hold the remaining portion of the venture.

The transaction is expected to be completed by the end of the first quarter of 2010.

Write to Chip Brian at cbrian@tradethetrend.com

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