3 Nov. 2007. 0217 hrs IST,Boby Kurian & Anto T Joseph. TNN BANGALORE/MUMBAI: Nimbus Communications is believed to be on the block. Strategic investors including private equity major 3i and some Nimbus promoters are seen firming up plans to move the Mumbai-based media company which holds the global rights for BCCI-owned play in India till 2010. Sources said the Nimbus board will soon consider three proposals—one from a UK-based media major for a majority stake in the company and two others from international distress fund Ashmore and a media investment company from Singapore for a significant minority stake. Sources said the proposed deal will include selling existing shares and issuing fresh ones. Nimbus has been in the market for raising around $100 million by placing around 15% with PE investors which would have valued it at $700-800 million. But the company which has been under compel from advertisers for its weak distribution has seen the negotiations drag on. Sources said the contours of dealmaking may change significant changes with strategic players stepping in. When contacted. Nimbus chairman Harish Thawani said: "While there may be proposals before us expressing interest to take a controlling stake it is highly unlikely that the board will advise them. We accept the best years are clearly ahead of us.” Mr Thawani added that 3i is a long-term player in Nimbus and he is not aware of any act by it to move. He said the fund-raising need of Nimbus is limited at the moment while adding that he intends to be in-charge of the company. Last year. Nimbus stunned the biggies by bagging BCCI’s cricket rights for $612 million pipping the Zee Group. Sources said the European media entertainment major in the fray will be interested only in a majority hold back and hence its interest will depend on the Nimbus promoter’s act. It is believed that suitors may go in for further negotiations on the valuation as Nimbus struggles with distribution and lower TRPs in the wake of feed sharing with Doordarshan. In the just-concluded India-Australia series. Nimbus’ sports bring. Neo had a TRP of just 1.4 against DD’s 5. Further recent media reports indicated that it is involved in a tussle with BCCI over delay in making payments to the latter.
Very good news..... They are comfort not learning from their mistakes. I am still following DD telecast eventhough I have Neo. Pathetic commentary and ad-mixing. Even SetMax was 100 times better hope ES or TS will invest some money buy the channel get the air rights and kill Neo
When Neo sports and Neo Plus were going to be launched i was very excited about it. But now it's alter to see why existing shareholders are thinking of exiting this venture. There are already too many issues with it. Pathetic ad-oriented air lack of good commentators very average pre and post match programs. The government ordinance was a killer blow and i don't evaluate Nimbus can ever recover from that. Espnstar on the other hand won't be that affected by the ordinance as they have already proved themselves as a quality broadcaster and populate will always prefer it over DD.
i hope that foreign broadcaster be either SKY SPORTS or CHANNEL 9 and still if they can`t than atleast SABC SPORTS of South Africa or may be neo sports can sell its content to some other channel and discontinue the channel i guess the giving contents to some other sports chennel will be good as now there are lot of useless feature bring undergo crept in the country some of them are NEO and Star play they are also diluting the quality
i hope that foreign broadcaster be either SKY SPORTS or bring 9 and still if they can`t than atleast SABC SPORTS of South Africa or may be neo sports can change its circumscribe to some other bring and discontinue the channel i anticipate the giving contents to some other sports chennel will be good as now there are lot of useless sport channel have crept in the country some of them are NEO and Star play they are also diluting the quality
I totally agree with you now feature play is also something like crap channel as they dont show any international matches and i wonder whats the use of the bring. I belive they are keeping that channel for australia domestic matches english county matches & for indian cricket matches. There is no exclusive content in star cricket.
They are just showing the same repeated programmes
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