Deal would have given U.S. company entry into India
U.S.-based Scripps Networks Interactive and India’s NDTV Group have ended talks that would have given the American company a foothold in India’s lifestyle TV space.
The companies announced in November that Scripps would acquire a 69% stake in NDTV subsid NDTV Lifestyle, in a deal worth $55 million. NDTV Lifestyle operates the English-language lifestyle channel NDTV Good Times.
A statement from Scripps said the companies “were unable to come to terms on specifics of the transaction.”
In February, NDTV divested 92% of its ailing general entertainment subsid NDTV Imagine to Time Warner’s Turner Asia Pacific Ventures for $126.5 million. Last year, NDTV bought back a 26% stake held by NBC U in NDTV Networks, which it had sold in January 2008.
Scripps owns HGTV and Food Network, while NDTV is India’s largest private producer of news content.