Imagine TV (in India) together with its international feed ‘Imagine Dil Se’ will cease to operate from Thursday. Turner had bought a majority stake in the channel from Indian broadcaster NDTV in 2009 for $117 million.
NDTV Imagine, owned jointly by NDTV and U.S.-based Turner Broadcasting System Inc, will be closed as poor ratings and losses in recent past. The employees will be provided 3 months salary before they are asked to leave.
The Indian media industry relies heavily on advertising revenues instead of subscriptions for survival. Turner India has been growing at a compunded annual rate of 13 percent in the past five years.
“Imagine TV has not performed and grown as per expectations. While some programmes delivered satisfactory ratings, overall the channel was unable to achieve the ratings consistency needed to sustain the business and support continued investment,” Turner International Managing Director South Asia Siddharth Jain said in a statement.
As a result, Turner made the carefully considered decision to cease operations of the channel, it said.
“We will continue to be leaders in the media and entertainment industry and to explore expansion opportunities in this important market,” it said.
Source : Various News Site