White & Case Advising Leading Indian Media Company on $150 Million Equity Sale

Indian Media Industry is Hot Property for Foreign Investors

London, February 22, 2008 ... Global law firm White & Case LLP is advising leading Indian television broadcaster NDTV on the sale of a 26 percent equity stake in NDTV Networks to NBC Universal ("NBCU"), the broadcasting unit of General Electric Company, for $150 million. NBCU will have the option to increase the stake to 50 percent at fair market value in two years' time, subject to necessary consents and approvals.

Channels operated by NDTV Networks include NDTV Imagine; the Hindi general entertainment channel, launched in January; and the recently unveiled lifestyle channel NDTV Good Times.

"We are delighted to be advising NDTV in what is a significant transaction in the rapid development story of NDTV Networks and the continued growth of NDTV. With the Indian TV market growing at 16 percent annually, this transaction represents an exciting opportunity for NDTV Networks to capitalise even more on that growth and work in partnership with a global media company such as NBC Universal. We wish the partnership every success," commented White & Case partner Andrew Croxford.

The White & Case team advising NDTV was led by Andrew Croxford, working alongside partner Tim Jeveons and associates Carlos Perez and Gordon Charlton.

"India has huge potential, and with the emerging markets becoming an increasing focus for the international financial community, increasing numbers of foreign investors are looking for a piece of the action. India's media industry is growing at an attractive rate, due to the sheer size of the country's population, and it is easy to see why it appeals to overseas companies, given the impressive growth opportunities that it offers," added White & Case partner Tim Jeveons.

Last year the Firm advised NDTV on the issue by its indirect subsidiary, NDTV Networks plc., of a $100 million convertible bond. The convertible was privately placed with seven undisclosed international investors, with proceeds being used to finance NDTV Networks' newly launched entertainment channel, NDTV Imagine.

White & Case has extensive experience in executing complex Indian transactions from its London and Singapore offices. Last year the Firm advised leading Indian real estate company DLF Ltd. on its $2.25 billion Initial Public Offering (IPO) on the National Stock Exchange of India and the Bombay Stock Exchange. The flotation, which was 3.5 times oversubscribed and the largest in Indian stock market history, was recently named the number one Indian IPO of 2007 by the India Business Law Journal.

About White & Case
White & Case LLP is a leading global law firm with more than 2,300 lawyers in 36 offices in 24 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients.

Contact:
James Martin
Media Relations Mgr EMEA, White & Case
44 0 20 7532 2853/ 44 0 7939 012 011


Alexandra Henderson
Media Relations Executive, White & Case
44 0 20 7532 2848