HT Media invests Rs 10 cr in digital media company Editorji
MUMBAI: HT Media has picked up 10% equity in digital content company Editorji Technologies for a cash payment of Rs 10 crore. The company’s board approved the transaction at a meeting today.
Editorji Technologies was incorporated on 16 January to focus on about the entity dissemination of news through a mobile application.
The company said the deal is not a related party transaction and is expected to close by 30 June.
It further stated that except for compliances under the Companies Act, 2013 and government or SEBI Regulations, no other governmental or regulatory approvals are required for the proposed acquisition.
The board of directors also informed about the resignation of HT Media CEO Rajiv Verma. He will continue in his current role till his successor joins.
Post the new CEO joining, Verma would continue to remain associated with the Company in an advisory role. The company has initiated the process of identifying his successor.
The board also approved the re-appointment of Shobhana Bhartia as managing director with effect from 1 July for a period of 5 years, subject to the approval of shareholders.
Bhartia is the Chairperson and Editorial Director of HT Media. She is also currently serving, as the ProChancellor of the Birla Institute of Technology and Science, Pilani.
A former Member of Rajya Sabha, the Upper House of the Parliament of India, Bhartia also served as a member of the Committees in Parliament on Energy, Women Empowerment, and Human Resource Development.
Meanwhile, HT Media’s net profit for the quarter ended 31 March has jumped to Rs 85.36 crore compared to Rs 43.97 crore. Total income increased to Rs 645.5 crore as against Rs 634.1 crore. Expenses declined to Rs 532.1 crore from Rs 567.7 crore.
The company’s EBITDA from the core print business was Rs 70.7 crore compared to Rs 56.2 crore. The revenue from the segment was almost flat Rs 496.3 crore as against Rs 498.7 crore.
The EBITDA from radio business was Rs 18.9 crore compared to Rs 5.95 crore. Revenue remained flat at Rs 45.1 crore compared to Rs 44.5 crore.
EBITDA loss from digital zoomed to Rs 17.92 crore compared to Rs 6.5 crore while revenue declined to Rs 28.7 crore as against Rs 38.8 crore.
The consolidated net profit for fiscal 2018 stood at Rs 357.8 crore compared to Rs 240.7 crore in the previous fiscal. Revenue declined to Rs 2591.6 crore compared to Rs 2681.5 crore.