MUMBAI: Animal Planet is set to take viewers on an expedition through the oceanic wonders across seven continents in its new series titled ?The Magic of the Big Blue?.

From Asia to Australia and Oceania, South America, Europe, Africa, North America and the Antarctica, The Magic of the Big Blue is a dive into these waters and an adventure through the cameras of underwater photographer Darek Sepiolo.

Starting 15 February, the show will air every night at 8 pm.

The seven-part series aims to explore the hidden worlds lying beneath the seas and oceans of the seven continents.

The channel said, "The oceans represent 99 percent of all available living space on Earth but we have only covered just 10 percent of their depths. Just how much do we understand the big blue? Get acquainted with the life, characters, history and secrets of these waters through a remarkable undersea expedition like no other on Animal Planet?s The Magic of the Big Blue."

MUMBAI: CNN is launching a new primetime evening news show titled ?CNN NewsCenter?, further expanding its live programming from Asia.

Anchored out of Hong Kong by CNN anchor Monita Rajpal, the show will air everyday at 5 pm, starting 21 January.

The show is the latest addition to CNN?s Hong Kong programming expansion, following the recent debut of ?CNN Newsroom, Live from Hong Kong?, a two hour morning news show anchored by Andrew Stevens and Patricia Wu, as well as the launch of ?On China?, a monthly show hosted by Kristie Lu Stout.

?CNN NewsCenter? airs at the crossroads of the international day: morning in North and South America, lunchtime in Europe, afternoon in the Middle East and Africa, and evening in the Asia Pacific region.

Providing viewers around the world with a 30 minute briefing on the biggest global headlines, the primetime news program airs between CNN?s two shows ?Amanpour? and ?Piers Morgan Tonight?.

MUMBAI: Consumer electronics major Philips has signed the agreement to transfer its television business into a joint venture with TPV Technology.

The new company will be 70 per cent owned by TPV and 30 per cent by Philips. The initial term sheet was announced earlier on 18 April.

The joint venture will be responsible for the design, manufacturing, distribution, marketing and sales of Philips? television worldwide, with the exception of India, mainland China, US, Canada, Mexico and certain countries in South America.

The closing of the deal, which is expected at the end of the first quarter of next year, will take place after necessary merger clearance, governmental and TPV shareholder approvals are obtained.

As a result of this transaction, Philips will report a pre-tax negative deal result in the fourth quarter of approximately EUR 270 million in addition to approximately EUR 110 million that was already charged in previous quarters. This result includes separation costs of approximately EUR 100 million.

Philips Chief Executive Officer Frans van Houten said, "I am pleased that we have now signed the Television joint venture agreement with TPV. This agreement is important for both Philips and TPV and provides clarity to our consumers, trade partners and employees. This joint venture leverages the strengths of both companies to improve the position of Philips Television in the market. It enables Philips to focus on expanding market leadership positions across our Healthcare, Consumer Lifestyle and Lighting sectors."

TPV chairman, CEO Jason Hsuan said, "This partnership is an important step in realizing our growth ambitions in the TV space. The joint venture is an extension of our ongoing relationship with Philips for many years and we are confident that together we can become a major player in Television globally."

As part of this transaction, the Philips Television innovation and manufacturing sites, commercial organisations, headquarters and employee base of 3,500 will be transferred into the joint venture.

Key Terms and Conditions of the Transaction include:

• Philips will grant the joint venture the right to use the Philips brand for an initial term of five years with an automatic renewal for another five years, subject to the joint venture meeting certain key performance indicators.
• As of the second year of the license term, the annual royalty payable will be 2.2 per cent of sales with a minimum of EUR 50 million per year.
• Upon completion of the transaction, TPV will obtain 70 per cent of the shares in the joint venture for a deferred purchase price. This price will be calculated as 70 per cent of an amount equal to four times the joint venture?s average annual EBIT. This right can be exercised at any time as of three years from the completion of the transaction. In addition, at any time after six years from completion, Philips has an option to sell the remaining 30% shareholding in the joint venture for a consideration calculated as 30 per cent of the same formula.
• Both shareholders will provide funding to the joint venture on a pro-rata basis. This consists of a EUR 100 million equity contribution and EUR 170 million subordinated shareholder loans. Depending on the funding need of the joint venture additional EUR 200 million senior shareholder loans can be made available.
• Given that pre-closing customer receivables will remain with Philips, Philips will provide a nine-month EUR 100 million senior bridge loan to the joint venture. Any potential extension beyond the nine months of this loan will be on a pro rata basis.
• Philips will provide a EUR 100 million subordinated loan to TPV.
• Within the first two years, Philips will provide EUR 185 million one-off advertising and promotion support for the TV business as an investment in the Philips brand. This amount is part of the deal result.