A van of media group Network18
Credit: Reuters Photo
New Delhi, Dec 6 (PTI) Network18 Media & Investments Ltd and TV18 Broadcast Ltd on Wednesday announced a consolidation of their TV and digital news businesses.
The two companies announced a scheme of arrangement under which TV18 Broadcast (TV18) and e-Eighteen.com Ltd (E18), which owns and operates moneycontrol website and app, will merge with Network18.
"The proposed scheme will consolidate TV and digital news businesses of the Network18 group in one company and will help create India's largest platform-agnostic news media powerhouse with the widest footprint across languages, straddling both TV and digital," the companies said in a statement.
It will enable Network18 to consolidate and further grow its business from a position of strength. This will present a unique opportunity to all shareholders to participate in the media business of the group through one listed entity, the statement added.
As part of the scheme, the share exchange ratio has been fixed at 100 shares of Network18 for every 172 shares of TV18, and 19 shares of Network18 for every one share of E18.
The merged entity will comprise the TV portfolio of TV18 (20 news channels in 16 languages and CNBCTV18.com), digital assets of Network18 (News18.com platform across 13 languages and Firstpost) along with moneycontrol website and app.
'Viacom18 with its portfolio of JioCinema and 40 TV channels will be a direct subsidiary of Network18. Network18 will continue to hold its investment in BookMyShow,' the statement said.
Network18 Media & Investments (Network 18) is India's leading media conglomerate, controlled by Independent Media Trust, the sole beneficiary of which is Reliance Industries.
On the other hand, TV18 Broadcast Ltd (TV18) is a subsidiary of Network18. It operates news channels across 16 languages with marquee properties like CNBC TV18, CNN News18, and News18 India.
Through its subsidiary Viacom18, TV18 also operates a portfolio of entertainment and sports channels, including leading brands like Colors, MTV, Nickelodeon, and Sports18. Viacom18 also operates one of India's leading OTT platforms, JioCinema.