NDTV sells stake in NDTV Imagine to Turner Asia

New Delhi Television (NDTV) said on Tuesday it sold most of its indirect stake in NDTV Imagine Ltd to Turner Asia Pacific Ventures Inc in a deal worth $117 million.                                           

The deal involves sale of 76% stake held in NDTV Imagine via its unit, NDTV Networks Plc, for $67 million and also fresh issue of equity shares worth $50 million to Turner, NDTV said in a statement.                                           

The transaction is pending approval from board of Turner's parent, Time Warner Inc, and regulatory approvals, it added.