Reliance Industries acquiring Network 18 Media & Investments

Sushubh

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I thought they already owned it. :

RIL to acquire control of Network 18 in Rs 4,000 crore deal - The Hindu

In the biggest ever deal in the Indian media sector, Reliance Industries Ltd (RIL) will acquire control in Network 18 Media & Investments Ltd, including its subsidiary TV18 Broadcast Ltd, for Rs 4,000 crore.
The Board of RIL on Thursday approved 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 Network 18 Media & Investments Ltd (NW18), including its subsidiary TV18 Broadcast Ltd (TV18), the company said in a statement.
The funding includes open offers to be made consequent to the acquisition, it added.
“IMT would use the funds to acquire control over NW18 and TV18 resulting in ownership of about 78 per cent in NW18 and 9 per cent in TV18 and to acquire shares tendered in the open offers,” it added.
NW18 is the owner of a suite of digital internet properties, e-commerce businesses and differentiated broadcast content including In.com, IBNLive.com, Moneycontrol.com, Firstpost.com, Cricketnext.in, Homeshop18.com, Bookmyshow.com; the broadcast channels include Colors, CNNIBN, CNBC TV18, IBN7, CNBC Awaaz.
 

dextermorgan

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They had minority stake in it ..now Iam guessing they're getting majority stake.
 


SVK

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chromaniac said:
Rumors that rajdeep and sagarika might resign from IBN.
And bad news would be they would start another news channel :D
BTW TV18 also owns ETV channels (except Telugu language) which may rebranded from ETV to some other name (perhaps News18).
 


Sushubh

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You need financial backing to start a new news channel. I mean it would be great to have a channel not owned by a big group but how would you run it with the finances
 

SVK

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But did he not did it once by leaving NDTV and starting own channel in collaboration with CNN?
He can surely do it again. But why is he leaving TV18? or Ambani kicking him out? :D
 

Sushubh

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Probably not happy at the new ownership. Anyone who wants complete editorial control would do that. There are also reports that management has asked Sagarika to not post tweets criticising Modi.
 

SVK

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http://www.indiantelevision.com/television/tv-channels/people/more-network18-senior-management-to-exit-as-reliance-begins-to-take-full-control-140529

Whether leading journalists like Rajdeep Sardesai, Sagarika Ghose, Senthil Chengalvaryan, Sheeren Bhan, amongst others would quit the Network18 group or not is not known at the time of writing. Though speculation is running rife that this will also come to pass in the next few days. However, insiders insist that Sardesai is believed to have assured the team of CNNIBN journalists at an internal meeting at CNNIBN a couple of days ago that "he would be staying and that things are only going to get better from now on."