Campaign India Team
Mar 22, 2010

The Times Group acquires ownership stake in Nimbus Communications

The Times Group has signed a deal with Nimbus Communications, wherein the former will acquire a small ownership stake in Nimbus and its associate company Neo Sports Broadcast. As part of the deal, Nimbus and Neo Sports Broadcast will leverage the media vehicles across The Times Group to advertise its sports and broadcasting businesses.

The Times Group acquires ownership stake in Nimbus Communications
The Times Group has signed a deal with Nimbus Communications, wherein the former will acquire a small ownership stake in Nimbus and its associate company Neo Sports Broadcast. As part of the deal, Nimbus and Neo Sports Broadcast will leverage the media vehicles across The Times Group to advertise its sports and broadcasting businesses.

Commented Dr. Akash Khurana, vice chairman, Nimbus, "This alliance with The Times of India Group provides a unique opportunity for drawing on strengths and synergies between the organizations.  Our businesses are at inflection points and this deal will help us strengthen and accelerate growth in market shares and revenues of our businesses."

Added Ravi Dhariwal, CEO, The Times Group, "This is a unique investment in the media sector for us.  We feel that we can contribute strongly to Nimbus’ and Neo Sports’ growth through our leadership position and our strong reach across media platforms in multiple markets.  Their leadership position in sports rights, production and sports broadcasting is well known and we hope to enhance the momentum of their growth story."

 

Source:
Campaign India