Turner International has reportedly off-loaded its shares in Indian production company Miditech and local entertainment channel Real.
The moves comes after Turner Asia Pacific Ventures paid US$126.5m for a 92% stake in Indian entertainment network NDTV Imagine in February last year. The following month, Turner International and sister Warner Bros Entertainment linked up to launch a Warner-branded English-language channel.
Turner paid RS850m (US$18.3m) for a 29% share in Miditech three years ago but the country’s Alva Brothers Entertainment has now bought back this stake, according to Indiantelevision.com.
The Alva Brothers have also bought out Turner’s half of 50/50 joint venture Real Global Broadcasting (RGB), which the pair established in 2009, said the website. The Alva Brothers also get control of RGB subsidiary Match Box Films as part of the deal.