Times of India buys stake in Nimbus and Neo Sports

Posted on 23 March 2010 by BMMBoxer

The Times of India Group and Nimbus Communications have signed a deal, according to which Times Group will own a small stake in Nimbus as well as Neo Sports (its associate company). In return, Times Group will advertise regarding the sports and broadcasting business through their media vehicles which reaches extensively to premium Indian audiences.

Akash Khurana, V-C, Nimbus, said, “This alliance provides an opportunity for drawing on strengths and synergies between the organizations. Our businesses are at inflection points and this deal will help us strengthen and accelerate growth in market shares and revenues of our businesses.”

Ravi Dhariwal, Chief executive officer, Times Group spoke further on the deal, “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.”

Through the deal, Nimbus Communications plans to utilize Times media vehicles to promote events, like the upcoming Asia Tour Golf, US PGA Tour Golf and Seria A Football.

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