Network18

BENGALURU (Reuters) - India's Network18 Media & Investments reported a third-quarter loss on Tuesday, as the billionaire Mukesh Ambani-backed conglomerate splurged to push up its share of television viewership, while advertisers pulled back on spending.

CLOSING BELL: The S&P BSE Sensex and the Nifty50 indices hit fresh 52-week lows as they spiraled 2 per cent down

Stocks to watch today: State Bank of India raised their MCLR lending rate by 20 basis points across all tenors; Network18 group firm Viacom18 eyes expansion after it bagged media rights for IPL.

Network18 Media & Investments on Tuesday reported 58.1 per cent year-on-year surge in its consolidated net profit to over Rs 61 crore during Q4FY22.

Considering that more than a year has passed from the time the board considered the scheme, it has decided to not proceed with the arrangement envisaged in the scheme, Den said in a statement

The company had posted a net loss of Rs 24.68 crore for the July-September quarter a year-ago, Network18 Media and Investments Ltd said in a regulatory filing

Reliance announced the merger of its various content, distribution, and media properties in its listed subsidiary Network18 earlier this week.

For every 100 shares of TV18, Hathway, and Den, their shareholders would get 92, 78, and 191 shares of Network18

Under the scheme of arrangement, TV18 Broadcast, Hathway Cable & Datacom and Den Networks will merge into Network18 Media & Investments

Sony, said sources, is expected to evaluate its options carefully owing to regulation around foreign direct investment in media

The company had reported a net loss of Rs 39.32 crore in the corresponding period a year ago

The company had registered a net profit of Rs 50.36 crore in the year-ago period,

Profitability took a hit on the back of investments in new launches across news, entertainment and digital domains

The new brand comes at a time when Network18's English news channel CNN-IBN was rebranded CNN-News18 recently

However, it swung back into black with Rs 86 cr profit in FY16

Shares of Network18 Media closed 4.09% up at Rs 44.55 per scrip on BSE