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Imagine Showbiz

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Imagine Showbiz
Imagine Showbiz Logo
CountryIndia
HeadquartersMumbai, Maharashtra
Ownership
OwnerReliance Anil Dhirubhai Ambani Group
History
Launched15 August 2008
Links
Websiteimagineshowbiz.com

Imagine Showbiz a Turner General Entertainment Networks India Pvt. Ltd endeavour, is a 24-hour Bollywood music channel catering to Indian youth.

The channel went on air on 15 August 2008 as NDTV Imagine Showbiz. Imagine Showbiz Ltd. was a JV company between NDTV Group and Cinestar Advertising Private Ltd.[1]

On 8 December 2009, it was announced that Turner Asia Pacific Ventures (a wholly owned subsidiary Turner Broadcasting System) had acquired a 92 per cent stake in NDTV Imagine Ltd.[2] NDTV's 76 per cent stake in NDTV Imagine would be given to Turner for $67 million, the Time Warner company would acquire fresh equity worth $50 million to get 92 percent control. NDTV Imagine Ltd. runs NDTV Imagine, NDTV Lumiere and NDTV Imagine Showbiz television channels and film production and distribution company, NDTV Imagine Film Co. The purchase received approval from the Time Warner board on 17 December 2009.[3] At the end of the $126.5 million deal, Turner held 92% in NDTV Imagine Ltd. while 3.2% was retained by NDTV Networks and the remaining 4.8% was held by its chief executive officer Sameer Nair and other Imagine employees.

NDTV announced on 24 February 2010 that it had received all the regulatory approvals and the transaction had been concluded on 23 February by transfer of shares, amounting to 85.68 per cent of NDTV Imagine Ltd, by NDTV Networks Plc to Turner Asia Pacific Ventures.[4] The three channels would be under Turner General Entertainment Networks, a holding company that will infuse fresh capital to fund the network's growth. The 'NDTV' brand was dropped out and the channels were relabelled Imagine TV, Lumiere Movies and Imagine Showbiz.

In January 2011, Reliance Broadcast Network Ltd (RBNL), part of the Anil Dhirubhai Ambani Group, confirmed a proposed acquisition of Imagine Showbiz from Cinestar,[5] who had bought the entire 51 percent stake held by its JV partner Turner International.[6] The acquisition by RBNL was to included a 100% purchase of Imagine Showbiz's shareholding, along with other assets including intellectual property rights, music library, Bollywood content, technical expertise, including studios and equipment and the existing distribution network. Imagine Showbiz was to be renamed and repositioned as a full-on music channel.

References

  1. ^ "NDTV launches new channel Imagine Showbiz". Business-standard.com. Retrieved 17 July 2010.
  2. ^ "Turner buys 92% stake in NDTV Imagine". Biz Asia. 8 December 2009. Archived from the original on 14 December 2009.
  3. ^ "Time Warner approves NDTV Imagine acquisition". Biz Asia. 17 December 2009. Archived from the original on 30 June 2010.
  4. ^ "Turner completes acquisition, NDTV Imagine becomes Imagine TV". Indian Television. 24 February 2010.
  5. ^ "Reliance confirms buyout of Imagine Showbiz". Biz Asia. 12 January 2011. Archived from the original on 8 March 2012. Retrieved 19 February 2011.
  6. ^ "Reliance to relaunch Imagine Showbiz channel". Biz Asia. 18 February 2011. Archived from the original on 8 March 2012. Retrieved 19 February 2011.
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