D.E. Shaw invests in Indian PIPE
DE Shaw, a global private equity and hedge fund company, is reportedly closing in on a 14.16 % stake acquisition in listed media channel operator New Delhi Television Ltd. (NDTV) INR70 crore ($158.4 million).
While the assets manager declined to comment, local media indicated that the firm will buy the stake from Merrill Lynch Capital Markets and Nomura Capital, paying INR76.55 ($1.73) a share. The US investment bank was believed to own a 7.9% stake in NDTV, while the Japanese brokerage was said to hold a 6.2% stake. NDTV operates three news channels, NDTV 24/7, NDTV India and NDTV Profit, and the entertainment channel Good Times. Aside from its core networks, the company also has a Chennai-city TV channel that is a joint venture with the local newspaper The Hindu.
Last month, NDTV sold a 49% stake of its subsidiary NDTV Lifestyle Holdings to Malaysia’s Astro All Asia Networks for $40 million.
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