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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.

Mukesh_AmbaniThe company will make open offers consequent to the acquisition.

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.

Raghav-BahlIMT would be simultaneously making the public announcement under takeover regulations, RIL would be the person acting in concert to the open offer.

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,,,,,,; the broadcast channels include Colors, CNN IBN, CNBC TV18, IBN7 and CNBC Awaaz.

Also Read:

Top level exits continue to rock Network18; CFO RDS Bawa quits
Network18 group COO Ajay Chacko also quits
B Saikumar steps down as Network18 group CEO