RIL announced to buy78 percent in Network18 for 4000 crore rupees
Reliance Industries Limited (RIL) announced on 29 May 2014 to buy 78 percent stake in Network18 Media and Investments for 4000 crore rupees.
Reliance Industries Limited (RIL) announced on 29 May 2014 to buy a majority stake of about 78 percent in Network18 Media and Investments for 4000 crore rupees.
The deal will be done through the Independent Media Trust (IMT) set up by Reliance. IMT will use the funds to acquire ownership of about 78 percent in Network18 and 9 percent in TV18.
The Reliance will make the tender offer to buy the remaining 21.96 percent in Network18 for 9.4 billion rupees while it will offer to buy up to 26 percent each in TV18 and Infomedia for a combined 17.4 billion rupees.
In January 2012, Network18 Group and Reliance Industries had joined hands for a multi-layered deal, under which the RIL had sold part of its interest in ETV channels and got access to content and distribution assets of the electronic media group.
Network18 was founded by entrepreneur Raghav Bahl. Network18 group include moneycontrol.com, In.com, IBNLive.com, Firstpost.com, Cricketnext.in, Homeshop18.com, Bookmyshow.com while TV18 group includes CNBC-TV18, CNN-IBN, Colors, IBN7 and CNBC Awaaz.