London-headquartered global news and information provider Reuters Group is buying into the booming Indian TV market.
It has agreed to acquire a 26% stake in the Times of India Group's broadcasting arm, Times Global Broadcasting, for around $20 million (€15.3m; £10.4m). The deal is in line with Reuters' strategy of growing its consumer media business.
Reuters will supply branded programming to a new cable news channel planned by the Indian company - the largest media conglomerate in South Asia - for launch later this year. The 24-hour channel, initially broadcast in English, is mainly aimed at the subcontinent's urban audience.
Says president of Reuters Media, Chris Ahearn: "Working with the Times Group in this way enables us to enter India's dynamic broadcast industry and reach its rapidly growing, information hungry, audience."
Comments Times Group managing director Vineet Jain: "This is a great coming together of two of the world's strongest news brands."
India's cable TV market is now the third largest in the world with 44m subscribers.
Data sourced from Wall Street Journal Online; additional content by WARC staff