NDTV (New Delhi Television) has informed BSE that it has, along with Kasturi and Sons, publishers of The Hindu newspaper, sold its stake in Metronation Chennai Television to Educational Trustee Company Private Limited (ETCPL), promoters of the leading Tamil daily Dina Thanthi.
The total sale consideration payable by ETCPL is Rs 15 crore. With this transition, Metronation Chennai has now become a 100 per cent subsidiary of ETCPL on the completion of the transaction, subject to receipt of all necessary approvals.
The channel was launched on May 16, 2009 and at that time, both partners, The Hindu and NDTV, had emphasised on the need for city-centric television.
In an earlier interview Rajiv N Lulla, then managing director and chief executive officer, NDTV Hindu, had said, "We firmly believe that the future of news is in going local. The Hindu Group, with its impeccable credentials, has been a household name for generations in Chennai, which is fast evolving as a cosmopolitan city. With NDTV's strong television broadcasting and editorial capabilities, NDTV Hindu will bring out the true flavour of the city through its high-end content."