Malaysia-based Astro wants to exit NDTV Lifestyle Holdings, the company which runs lifestyle channel NDTV Good Times.
Astro has asked NDTV to buy out its 49% stake in NDTV Lifestyle Holdings, an investment it had made in 2010 for $40 million.
NDTV, however, has declined to exercise the option to buy back Astro’s stake. The offer was made by Astro on 2 June.
Astro owns 49% stake in NDTV Lifestyle through South Asia Creative Assets. The remaining stake is held by NDTV.
NDTV said its board has approved the decision by NDTV Networks, a subsidiary of the company, not to exercise the option to purchase 49% stake held by South Asia Creative Assets in NDTV Lifestyle Holdings.
Astro’s investment in NDTV Lifestyle was recently in the news when the BJP’s Rajya Sabha MP Subramanian Swamy had accused NDTV of ‘money laundering’. Swamy had alleged that NDTV’s subsidiary NDTV Networks had $50 million in 2007, which is also the period in which the Aircel–Maxis scam had happened.
As per Swamy’s allegation, the Aircel–Maxis scam relates to the quid pro quo in which Sun TV Network promoter Kalanithi Maran’s brother Dayanidhi Maran had as telecom minister forced Chinnakannan Sivasankaran to part with 74% stake in Aircel to Maxis Communications. Astro, which owns Maxis Communications, in turn invested in Sun Group’s DTH company Sun Direct allegedly as a quid pro quo.
Astro wants to exit NDTV Good Times, makes offer to NDTV to buy out its 49% stake | TelevisionPost.com
Astro has asked NDTV to buy out its 49% stake in NDTV Lifestyle Holdings, an investment it had made in 2010 for $40 million.
NDTV, however, has declined to exercise the option to buy back Astro’s stake. The offer was made by Astro on 2 June.
Astro owns 49% stake in NDTV Lifestyle through South Asia Creative Assets. The remaining stake is held by NDTV.
NDTV said its board has approved the decision by NDTV Networks, a subsidiary of the company, not to exercise the option to purchase 49% stake held by South Asia Creative Assets in NDTV Lifestyle Holdings.
Astro’s investment in NDTV Lifestyle was recently in the news when the BJP’s Rajya Sabha MP Subramanian Swamy had accused NDTV of ‘money laundering’. Swamy had alleged that NDTV’s subsidiary NDTV Networks had $50 million in 2007, which is also the period in which the Aircel–Maxis scam had happened.
As per Swamy’s allegation, the Aircel–Maxis scam relates to the quid pro quo in which Sun TV Network promoter Kalanithi Maran’s brother Dayanidhi Maran had as telecom minister forced Chinnakannan Sivasankaran to part with 74% stake in Aircel to Maxis Communications. Astro, which owns Maxis Communications, in turn invested in Sun Group’s DTH company Sun Direct allegedly as a quid pro quo.
Astro wants to exit NDTV Good Times, makes offer to NDTV to buy out its 49% stake | TelevisionPost.com
