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TV Today completes acquisition of Mail Today
MUMBAI: TV Today Network, which runs news channels Aaj Tak and India Today TV, has added print to its bouquet with the completion of the acquisition of shares of Mail Today Newspapers from AN Mauritius.
TV Today Network, along with its wholly owned subsidiary India Today Online, will hold 100% of Mail Today Newspapers.
Mail Today Newspapers was formed as a joint venture between India Today Group and UK-based Daily Mail to own and operate a daily tabloid.
As part of the process, TV Today has completed acquisition of shares of India Today Online from Living Media India.
The company said it has completed the acquisition process of 7.49 crore (74,887,389) equity shares of India Today Online from Living Media India by way of gift on 15 March. This represents 100% of the paid-up share capital of India Today Online.
With this acquisition, India Today Online has become a wholly owned subsidiary of TV Today Network.
TV Today Network also said that it has completed the acquisition process of 3.3 crore (33,042,625) equity shares of Mail Today Newspapers from AN Mauritius by way of gift on 15 March. This represents 25.21% of the total paid-up share capital of Mail Today Newspapers.
Following this acquisition, the company along with its wholly owned subsidiary India Today Online holds 13.11 crore (131,087,016) equity shares of Mail Today Newspapers. This represents 100% of the paid-up share capital of Mail Today Newspapers.
With this, Mail Today Newspapers has become a subsidiary of the company. TV Today along with its wholly owned subsidiary, India Today Online, holds 100% of the paid-up share capital of Mail Today Newspapers.
TV Today Network is also reorganising its radio business. Earlier, the board of TV Today Network had approved the acquisition of 100% of Vibgyor Broadcasting for the purpose of re-organising its radio business by transferring its radio business through a slump sale into the entity.
The transfer of radio business into a separate company is being done to segregate the radio business operations and to have better focused management.