Turner International India, part of the world?s largest media conglomerate $47-billion Time Warner Corp, is in an advanced stage of buying a ?significant? stake in NDTV Imagine, the Hindi general entertainment channel (GEC) of NDTV Networks Plc.

NDTV Networks houses the non-news broadcast business of news broadcaster NDTV Ltd. According to a person in the know of development, a deal has been finalised between the two broadcasters and is likely to be announced soon.

While there have been speculations in the market about a possible deal between Turner and NDTV but it was not clear where Turner will be investing in. It, however, emerges that as rumoured Turner wouldn?t be buying a stake in NDTV Networks to fill in the space vacated by global media house NBC Universal. It would, instead, pick up more than 75% stake in NDTV Imagine, the Hindi GEC of NDTV Networks, which is struggling to establish itself in the highly competitive Hindi general entertainment space.

Turner entered the Hindi GEC space earlier this year through a 50:50 joint venture with Alva Brothers, one of the top players in the television content production business. Real, the channel launched by the two partners, however, failed to take off and has largely been at the bottom of the pile in the Hindi GEC space. While no official announcement has been made on the status of the channel but people close to the two companies say the partners have decided to abandon the project.

?Turner has been wanting to get a foothold in the GEC genre, which is the largest on TV both in terms of viewership and advertising revenue. Buying a controlling stake in NDTV Imagine, therefore, makes sense for them,? said a senior executive of a media company not wanting to be named.

The deal will also provide the much-needed financial succour to NDTV, which is struggling with financial constraints and has been looking to get a strategic partner after NBC Universal decided to pull out its 26% stake in NDTV Networks. It had bought the stake for $150 million in May 2008.

While the details of the deal between Turner and NDTV Imagine couldn?t be ascertained, some senior media executives pegged the deal value at around $50 million.

KVL Narayan Rao, CEO, NDTV said: ?This is speculation and we do not comment on speculations.? Anshuman Misra, Managing Director, Turner International India, said, ?It is Turner Broadcasting’s policy not to comment on speculation. India is a critical market for Turner and we are continually exploring business opportunities in the M&E space.?

Turner International also runs children?s channel Cartoon Network, Pogo, English movies channels HBO and WB. Its news channel CNN has a content partnership with Network18 group, which also owns a part stake in Colors, the top Hindi GEC at present.