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Reliance Industries to acquire Network18
MUMBAI: Reliance Industries Ltd board has approved the funding of up to Rs 4,000 crore to Independent Media Trust (IMT), of which RIL is the sole beneficiary for acquisition of control in Raghav Bahl-promoted Network18 Media & Investment Ltd, including subsidiary TV18 Broadcast.
IMT would use the funds to acquire control over Network18 and TV 18, resulting in ownership of about 78% in Network18 and 9 per cent in TV18, and to acquire shares tendered in the open offer.
IMT would be making open offers to the public shareholders for the acquisition shares of Network18, TV18 and Infomedia Press Ltd.
This acquisition will differentiate RIL’s 4G business by providing amalgamation at the intersect of telecom, web and digital commerce via a suite of premiere digital properties, which includes in.com, ibnlive.com, moneycontrol.com, firstpost.com, cricketnext.in, homeshop18.com, bookmyshow.com; the broadcast channels include Colors, CNN IBN, CNBC TV18, IBN7 and CNBC Awaaz.