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Network 18
Reliance Industries has said it is consolidating its media and distribution business spread including TV18 Broadcast, Hathway Cable & Datacom, DEN Networks into Network18
Billionaire Mukesh Ambani's Reliance Industries on Thursday denied reports of selling its news media business to Times Group. Bloomberg early on Thursday reported that Ambani "is in talks to sell his news media assets to India's Times Group, as Asia's richest man plans to unload a business that's been losing money". "Reliance Industries firmly denies (the) story. The story is baseless and false," a company spokesperson said. The report had quoted people familiar with the matter to say that Bennett Coleman & Co, the publisher of the Times of India, is looking to hire advisers for due diligence on the news properties of Ambani's Network18 Media & Investments Ltd. Bennett Coleman's spokesperson couldn't be immediately reached for comments. Reliance had in 2014 bought Network18, which owns and operates 56 local channels spanning news and entertainment, for up to Rs 4,000 crore. Network18 owns TV channels (including CNBCTV18, CNN-IBN, CNN Awaz), websites (firstpost.com, ...
Sources suggest that Sony is considering several potential deal structures, including a bid for the company or a merger of its own Indian business with Network18's entertainment channels
Markets regulator Sebi on Friday said that no open offer needs to be made due to various agreements involving investment by Independent Media Trust (IMT) of funds received from a Reliance entity into Network 18 companies. It was alleged Reliance Industries Ltd (RIL) in the guise of executing investment agreement or so called Zero Coupon, Optionally & Fully Convertible Debentures (ZOCDs) agreement, indirectly acquired control over Network 18 without following the procedure prescribed under the Takeover Regulations. In February 2012, ZOCD agreement was entered into by and between six private limited companies (together termed as holding companies) owned and controlled by IMT, Raghav Bahl and his wife in their individual capacity. Under the ZOCD agreement, IMT was to invest funds received from Reliance Industrial Investments and Holdings Limited by subscribing to the ZOCDs of the holding companies and these holding companies were obliged to utilise ZOCD subscription amount for ...
The Securities Appellate Tribunal (SAT) on Thursday asked markets regulator Sebi to pass an order by the end of November in the matter of Reliance Industries' acquisition of Network18 Media & Investments (NW18) and TV18 Broadcast (TV18). The order comes following an appeal filed by Victor Fernandes and Sangeeta Fernandes seeking further direction from the tribunal. The tribunal, in June last year, had directed Sebi to re-examine whether there have been violations of listing agreement with respect to Reliance Industries' acquisition of Network18 Media & Investments (NW18) and TV18 Broadcast (TV18). Besides, the regulator was asked to check whether Reliance Industries Ltd (RIL) acquired indirect control of the two companies through Independent Media Trust (IMT). However, more than one year have elapsed and the Securities and Exchange Board of India (Sebi) has not taken a decision and consequently, the applicants filed an application seeking further direction from the ...
Network18 Media and Investments, thebroadcaster that runs news and entertainment channels, and digital platforms inthe country reported a dip in revenue from operations in Q3FY18 (quarter endedDecember 31, 2017). From Rs 3.73 billion in Q3FY17, revenues dipped to Rs 3.66billion in the quarter under consideration. However on significant reduction in costs(Rs 4.02 billion in Q3FY18 versus Rs 4.31 billion in Q3FY17) and other incomesurging to Rs 730 million in Q3, Netwrok18 EBIDTA for the quarter was Rs 80million versus loss of Rs 140 million same quarter last year.