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Times Group acquires stake in Nimbus and Neo Sports Group

By afaqs! news bureau , afaqs!, New Delhi | In Media Publishing | March 22, 2010
Nimbus will promote Asian Tour Golf and other events, including US PGA Tour Golf and Seria A football broadcast by Neo Sports, using various Times Group media vehicles

The two media companies, The Times of India Group and Nimbus Communications (Nimbus) have forged a media partnership, whereby Times Group is set to acquire a small stake in Nimbus and its associate company, Neo Sports Broadcast (Neo Sports).

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As part of the deal, Nimbus and its associate company, Neo Sports Broadcast will be entitled to leverage Times Group's various media vehicles, in order to advertise its sports and broadcasting businesses.

Nimbus delivers sports, sports, film and general entertainment content to television, film, online and emerging mobile platforms globally. Nimbus' associate company, Neo Sports owns and operates two sports pay channels: Neo Sports and Neo Cricket.

In an official communiqué, Dr Akash Khurana, vice-chairman, Nimbus, says, "The alliance with the Times of India Group provides a unique opportunity for drawing on strengths and synergies between the two organizations. Our businesses are at inflection points; and the association will help us strengthen and accelerate growth in market shares and revenues of our businesses."

Nimbus is looking forward to promoting its properties, such as Asian Tour Golf and other events, including US PGA Tour Golf, Seria A football broadcast by Neo Sports using various Times Group media vehicles.

Calling the deal a unique investment in media sector, Ravi Dhariwal, chief executive officer, Times Group, points out, "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."

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