Times Group considers takeover bid for Neo

Indian media conglomerate the Times Group is interested in acquiring a majority stake in the Nimbus Communications agency’s two multi-national pay-television sports channels, Neo Cricket and Neo Sports.

The Rediff website said the Times Group would consider bidding for the Board of Control for Cricket in India’s worldwide media rights, which were previously held by Nimbus, if the takeover deal falls through. The rights include all India national team Test, one-day international and Twenty20 matches held in the country as well as some domestic tournaments.

“I cannot talk specifics, but we will diversify into segments where we think there are growth opportunities which are also relevant to advertisers and viewers,” Ravi Dhariwal, chief executive of the Times Group, said.

Nimbus has recruited investment banks Barclays Capital and Avendus to find a new financial or strategic partner for the Neo channels after the agency’s worldwide rights deal with the BCCI, from 2010 to 2014, was cancelled in December. The board cancelled the contract after accusing Nimbus of failing to pay rights fees on time.

Nimbus and the board are expected to reach a compensation agreement for the termination of the deal. BCCI officials are reported to have made a “verbal offer of settlement” to Nimbus.