A van of media group Network18 is parked exterior the Indian parliament in New Delhi July 16, 2014. REUTERS/Anindito Mukherjee/File Picture Purchase Licensing Rights
BENGALURU, Dec 6 (Reuters) – India’s TV18 Broadcast (TVEB.NS) will merge with Network18 Media & Investments (NEFI.NS) in a $1.2 billion deal that may assist the Reliance-owned firms develop their attain and reduce prices, they mentioned on Wednesday.
The all-stock deal will consolidate the Mukesh Ambani-owned Reliance’s broadcast and digital companies, which embody enterprise information portal Moneycontrol and streaming platform JioCinema, the 2 corporations mentioned in an trade submitting.
“The merger will provide higher attain in direction of numerous viewers and customers and likewise result in higher promoting income,” mentioned Karan Taurani, media analyst at Elara Capital.
Media firms together with TV18 and rival Adani-owned NDTV (NDTV.NS) have flagged earnings weak spot over the previous few quarters on account of subdued promoting income.
Network18 will difficulty 100 shares for each 172 shares of TV18, the businesses mentioned, valuing the latter at 57.24 rupees per share – a 1.9% premium to its closing worth on Wednesday.
($1 = 83.3170 Indian rupees)
Reporting by Ashna Teresa Britto and Kashish Tandon; Writing by Nandan Mandayam; Enhancing by Sohini Goswami
Our Requirements: The Thomson Reuters Belief Rules.
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