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<ul><li>Sudhanshu Vats will be serving at Viacom18 till 15th April 2020.</li><li>Vats verticals will now fall under the leadership of Rahul Joshi, Managing Director of the <keyword id="187715" type="COMPANY" weightage="20" keywordseo="Network18">Network18</keyword> Group.</li></ul>Sudhanshu Vats, Group CEO and MD of Viacom18, a subsidiary of Network18, has decided to move on from Viacom18 after 8 years at the helm. During his years at the company, Vats expanded the media network’s footprint into new business lines of Digital, Experiential Entertainment and Consumer Products. He also strengthened Viacom18’s position in Hindi mass entertainment, regional, kids, music &amp; English entertainment and turned around the filmed entertainment business with content led cinema. Viacom18 has grown from a six to a 54-channel network with its video-on-demand platform, Voot, helping it establish a strong digital presence. Network18, RIL’s flagship in Media and Entertainment, has driven value-addition and synergies across the multi-platform group comprising broadcast, digital, filmed and experiential entertainment and media businesses. As a part of the Network18 group, Viacom18 has grown as a prominent entertainment broadcaster (ex-sports), with an 11.1% viewership share and is poised for accelerated growth in broadcasting, film studio and OTT offerings. Vats leaves behind a strong leadership team which has grown the different verticals of the company into large businesses and they will continue to manage their respective verticals under the leadership of Rahul Joshi, Managing Director of the Network18 Group. Speaking on the development, Adil Zainulbhai, Chairman of the Board, Network18 said, “Sudhanshu is a dynamic and admired leader in corporate India today. Not only has he led from the front in shaping up Viacom18’s growth story, he has also championed the cause of the sector at the various industry bodies that he has captained. While we are sad to lose him, it is equally reassuring to know that we have a strong second line that’s raring to go. I’d like to wish Sudhanshu all the very best for his future endeavours.” Speaking about his journey at Viacom18, Sudhanshu Vats said, “It has been an extremely challenging and satisfying 8 years at the helm of Viacom18. I have had the privilege of working with some of the best minds in M&amp;E industry to chart the growth story of Viacom18. We have together built one of the most admired media company of brilliant storytellers with diversified presence across screens and platforms. As I look forward to taking up newer challenges, I shall always cherish the learnings in leading India’s youngest and fastest-growing media and entertainment company.” Sudhanshu Vats will be serving at Viacom18 till 15th April 2020.

Sudhanshu Vats resigns as MD of Viacom18

Reliance Industries will sell a 3.1% stake in <keyword id="187715" type="COMPANY" weightage="100" keywordseo="Network18">Network18</keyword> Media pegged at $32 million. This is to comply with rules authorizing public ownership in listed firms. 
 
Reliance said today that the sale of 32.5 million shares on Wednesday would help it meet the minimum 25% public ownership regulation. 
 
Reliance bought a stake in the media group last year. The media group currently runs business news channels, a news portal and other news and e-commerce websites. 
 
The stake is valued at $32 million. Reliance plans to sell its shares through stock exchanges. 
 
(Image credit: Indiatimes)

Reliance
will sell its stake in Network18

In one of the biggest deals in the media sector, <keyword id="6355199" type="CITY" weightage="100" keywordseo="Reliance-Industries">Reliance Industries</keyword> Ltd (RIL) will acquire Network 18 Media &amp; Investments, including its subsidiary TV18 Broadcast, for Rs 4,000 crore. 
 
“The RIL board today (May 29) 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 &amp; Investments (NW18), including its subsidiary TV18 Broadcast (TV18),” the company said in a statement. 
 
"IMT would use the funds to acquire control over NW18 and TV18, resulting in ownership of about 78% in NW18 and 9% in TV18, and to acquire shares tendered in the open offers," it added. 
 
NW18 owns a suite of premier digital Internet properties, e-commerce businesses and differentiated broadcast content. 
 This suite includes In.com, IBNLive.com, Moneycontrol.com, Firstpost.com, Cricketnext.in, Homeshop18.com and Bookmyshow.com. The broadcast channels include Colors, CNN-IBN, <keyword id="51916" type="COMPANY" weightage="100" keywordseo="Cnbc">CNBC</keyword>-TV18, IBN7 and CNBC Awaaz. 
 
"This acquisition will differentiate Reliance's 4G business by providing a unique amalgamation at the intersect of telecom, Web and digital commerce via a suite of premier digital properties," RIL said. 
 <keyword id="851226" type="COMPANY" weightage="100" keywordseo="Network18-Group">Network18 Group</keyword> and Reliance Industries had, in January 2012, struck a deal under which Reliance had to sell part of its interest in <keyword id="478149" type="ORGANIZATION" weightage="60" keywordseo="ETV">ETV</keyword> channels and would get access to content and distribution assets of Network18.

RIL To Spend Rs 4,000 Crore To Acquire
Network18

New Delhi, Feb 17 () Reliance Industries on Monday announced consolidation of its all media and distribution businesses under one umbrella brand 'Network18'.Under the scheme of arrangement, TV18 Broadcast, Hathway Cable &amp; Datacom and Den Networks will merge into Network18 Media &amp; Investments, which will be an integrated media and distribution company with a revenue of Rs 8,000 crore. The restructuring will create value-chain integration, and render substantial economies of scale. It also simplifies the corporate structure of the group by reducing the number of listed entities, said a statement by TV18 Broadcast Ltd. "Reliance Industries announced a consolidation of its media and distribution businesses spread across multiple entities into Network18," the statement said. This will scale up Network18 "as one of the largest listed players in the sector", it added."The appointed date for the merger shall be February 1, 2020," it said.The board of directors of the respective companies approved the scheme of amalgamation and arrangement at their meetings held on Monday, it added."The broadcasting business will be housed in Network18 and the cable and ISP (Internet Service Provider) businesses in two separate wholly owned subsidiaries of Network18," it added.Besides, the consolidation of cable businesses of Den and Hathway in one entity will leverage the "combined strength of 27,000 local cable operator (LCO) partners who act as the touchpoints to 15 million households in India," it added.The combined broadband entity will also serve one million wireline broadband subscribers across the country. Besides, shareholders of all the four companies will also benefit from streamlining of operations and strategy, focused management, and reduction of risk through consolidation, it added.This would be done through share change ratio.According to the scheme, every 100 shares of TV18, Hathway and Den, their share holders would get 92, 78 and 191 shares of Network18."The aggregation of a content powerhouse across news and entertainment (both linear and digital) and the country's largest cable distribution network under the same umbrella shall boost efficiency and exploit synergies, creating value for all stakeholders," it added.The reorganisation furthers the group strategy of "building a media powerhouse that is agnostic across pipes, platforms and screens". KRHMKJMKJ

RIL to merge media, distribution businesses into Network18

Media firm TV18 Broadcast Ltd and Cable News Network (CNN) will end their 10-year partnership in January next year, reported PTI. 
 In a filing to the <keyword id="43628" type="CITY" weightage="80" keywordseo="Bombay-stock-exchange">Bombay Stock Exchange</keyword>, TV18 Broadcast, which operates English news channel CNN-IBN, said the company and CNN "will be successfully concluding their 10-year brand licensing and news services arrangement for use of the CNN brand and CNN news content in January 2016". 

	It further said: "The parties have decided not to renew the arrangement." 
 

	Now both the companies will plan their own growth trajectories independently in one of the most dynamic and fast growing markets in the world. 
 

	Global Broadcast News (GBN), a TV18 group company, had signed a branding agreement in 2005 with CNN Turner International. It led to the launch of English news channel CNN-IBN in India. 
 GBN later on transformed into <keyword id="2924614" type="COMPANY" weightage="80" keywordseo="IBN18-Broadcast-Ltd">IBN18 Broadcast Ltd</keyword>, which in turn became <keyword id="730541" type="UNKNOWN" weightage="80" keywordseo="TV18-Broadcast-Ltd-">TV18 Broadcast Ltd.</keyword> In the biggest ever deal in the Indian media industry, Mukesh Ambani-led <keyword id="6355199" type="CITY" weightage="80" keywordseo="Reliance-Industries">Reliance Industries</keyword> (RIL) acquired control of <keyword id="765863" type="COMPANY" weightage="80" keywordseo="Network-18-Media-Investments-Ltd">Network 18 Media &amp; Investments Ltd</keyword> last year, including its subsidiary TV18 Broadcast Ltd, for Rs 4,000 crore through <keyword id="889054" type="UNKNOWN" weightage="80" keywordseo="Independent-Media-Trust">Independent Media Trust</keyword> (IMT). 
	(Image: Indiatimes)

TV 18, CNN to end 10 years of partnership

New Delhi, Nov 15 () Markets regulator Sebi on Friday said that no open offer needs to be made due to various agreements involving investment by Independent Media Trust (IMT) of funds received from a Reliance entity into Network 18 companies.
It was alleged Reliance Industries Ltd (RIL) in the guise of executing investment agreement or so called Zero Coupon, Optionally &amp; Fully Convertible Debentures (ZOCDs) agreement, indirectly acquired control over Network 18 without following the procedure prescribed under the Takeover Regulations.
 In February 2012, ZOCD agreement was entered into by and between six private limited companies (together termed as holding companies) owned and controlled by IMT, Raghav Bahl and his wife in their individual capacity.
Under the ZOCD agreement, IMT was to invest funds received from Reliance Industrial Investments and Holdings Limited by subscribing to the ZOCDs of the holding companies and these holding companies were obliged to utilise ZOCD subscription amount for subscribing to the rights issue of NW18 &amp; TV18.
 Further, in November 2011, a pact called Single Unit Agreement (SUA) was entered between Bahl group of entities and IMT to act as largest Indian shareholders of NW18. Meanwhile, the share purchase agreement between the parties was inked in May 2014.
 In an order passed on Friday, Sebi said, "The ZOCD agreement read independently or combined with the SUA, it does not trigger an open offer. The trust deed does not confer the powers of a trustee to RIL."
 The regulator also noted that appellant -- Victor Fernandes and Sangeeta -- made mutually contradictory claims with regards to these agreements, which reveals that "the appellant's sole aim is to make an ambiguous case for obtaining higher gains by way of the open offer price. This is therefore not the claim of a genuinely aggrieved or disadvantaged investor".
 The ruling comes following a directive by the Securities Appellate Tribunal (SAT)that asked Sebi to pass an order by the end of November in the matter after the two Fernandes sought further direction from the tribunal. 
 In 2015, RIL had completed the open offer for Network 18 group companies. RIL's unit IMT made an offer to acquire 21.96 per cent of voting capital in Network18, IMT also made an open offer for a 26 per cent stake in TV18 Broadcast Ltd. SP
MKJ

Network 18 case: Sebi says no open offer needed on investments involving IMT

(Eds: Updates with closing price) New Delhi, Feb 18 () Reliance Industries shares closed lower by 0.83 per cent on Tuesday after the company announced consolidation of its media and distribution businesses under flagship 'Network18'.RIL counter closed at Rs 1,466.10.However, shares of the three group entities namely Hathway Cable &amp; Datacom, Den Networks and TV18 Broadcast -- which have been merged into Network18 posted smart gains.Network18 Media &amp; Investments hit the upper circuit, gaining 4.89 per cent to end at Rs 30.05 on BSE. Hathway Cable &amp; Datacom spurted by 20 per cent to hit upper circuit at Rs 23.10 on BSE. Den Networks stock also touched the upper price band after gaining 9.98 per cent to Rs 59.50.TV18 Broadcast scrip settled higher by 14.71 per cent at Rs 28.85. Under the scheme of arrangement, TV18 Broadcast, Hathway Cable &amp; Datacom and Den Networks will merge into Network18 Media &amp; Investments, which will be an integrated media and distribution company with a revenue of Rs 8,000 crore. According to the scheme, for every 100 shares of TV18, Hathway and Den, their shareholders would get 92, 78 and 191 shares, respectively, of Network18. RUJ MRMR

RIL drops but group entities surge on consolidation move

New Delhi, Feb 18 () Reliance Industries Ltd (RIL) stock was on Tuesday trading marginally lower by 0.8 per cent after the company announced consolidation of all its media and distribution businesses under one umbrella brand 'Network18'.However, shares of the three consolidated companies namely Hathway Cable &amp; Datacom, Den Networks and TV18 Broadcast traded in the green gaining up to 20 per cent. While Hathway Cable &amp; Datacom gained 20 per cent to hit upper circuit at Rs 23.10 on the BSE, Den Networks stock also touched the upper price band after gaining 9.98 per cent to Rs 59.50.TV18 Broadcast scrip was trading higher by 12.52 per cent at Rs 28.30. Under the scheme of arrangement, TV18 Broadcast, Hathway Cable &amp; Datacom and Den Networks will merge into Network18 Media &amp; Investments, which will be an integrated media and distribution company with a revenue of Rs 8,000 crore. According to the scheme, for every 100 shares of TV18, Hathway and Den, their shareholders would get 92, 78 and 191 shares, respectively, of Network18. RUJ ANUANU

RIL stock marginally down as co announces consolidation of media, distribution biz

<ul><li>Manish Maheshwari has been appointed as head of Twitter India.</li><li>Maheshwari, with an MBA from <keyword id="122384" type="ORGANIZATION" weightage="20" keywordseo="Wharton-Business-School">Wharton Business School</keyword>, has earlier worked with <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, <keyword id="6455360" type="UNKNOWN" weightage="20" keywordseo="procter-and-gamble">Procter and Gamble</keyword>, <keyword id="187715" type="COMPANY" weightage="20" keywordseo="Network18">Network18</keyword> Digital, and Mckinsey.</li><li>He was the managing director of txtWeb, an app development platform, at Intuit.</li><li>Maheshwari will be the third country for Twitter in the last couple of years.</li></ul> Twitter India has appointed Manish Maheshwari, ex-CEO of Network18 Digital, as the Managing Director for its India operations. After Taranjeet Singh and Balaji Krish, Maheshwari will be the third person at the helm of the microblogging platform's Indian affairs since 2017. Twitter has 30 million users in India. Maheshwari will report to Maya Hari, Twitter's Vice President and Managing Director of Asia Pacific, and will be responsible for driving an integrated business strategy to accelerate Twitter's audience and revenue growth in the country, the company said in a statement. "India is one of our fastest growing audience markets for Twitter in the world and our purpose is to serve the public conversation in India. We are thrilled to have Manish join us at this important time to take our Indian business to the next level," said Hari. Before this appointment, Maheshwari was the CEO, Network18 Digital whose marquee properties include Moneycontrol, <keyword id="2030086" type="PERSON" weightage="20" keywordseo="Firstpost">Firstpost</keyword>, News18, CNBC-TV18, CricketNext and In.com. He headed the Merchant Business and Seller Ecosystem at Flipkart for about a year ending in February 2016. He also worked for Procter and Gamble for five years, out of which he was running the company's Asia operations for three years, according to his LinkedIn profile. Maheshwari spent the maximum time at Silicon Valley-based Intuit, where he was the managing director of txtWeb, a platform that allows developers to build text-based apps. Based out of Delhi, he will oversee Twitter India's teams in Delhi, Mumbai and Bengaluru from April 29. With inputs from IANS. SEE ALSO: <a href="https://www.businessinsider.in/heres-how-hotstar-battles-game-of-thrones-leaks-and-spoilers-until-the-release-of-every-episode/articleshow/68984999.cms" data-type="tilCustomLink" target="_blank">Here's how Hotstar battles Game of Thrones leaks and spoilers until the release of every episode</a>

Former Flipkart exec from Wharton Business School will lead Twitter in India

New Delhi, Feb 21 () Reliance Industries' move to consolidate its media and distribution businesses under one entity Network18 Media &amp; Investments will create a cleaner structure and make the merger of entertainment channels with Sony less likely, experts said. Earlier this week, the company said it will merge its TV18 Broadcast business with Network18, and maintain the cable and broadband businesses of Hathway Cable &amp; Datacom and Den Networks, which it bought in 2018, as separate wholly-owned subsidiaries of Network18. Network18's portfolio includes Nickelodeon, MTV, and CNBC TV18, among others. "From RIL's perspective, this creates a cleaner structure and is easier to manage (as it reduces listed entities)," BofA Securities said in a report Friday. In a separate report, CLSA said the rejig will make a deal with Sony for merger of entertainment channels less likely as the news broadcasting sector has a restriction of 26 per cent foreign ownership. Between content and distribution, BofA considered distribution to be the more important component for RIL's media business as it generates higher margins and return ratios as compared to content that could be aggregated. "The merger helps improve capital structure as the combined entity will be debt-free and has a balanced mix of subscription (53 per cent) and advertisements (47 per cent) in its revenues," it said. From Network18 perspective, this helps reduce dependence on ads and helps especially in times of slower GDP growth. Stating that synergies aren't much except removal of overheads, the report said NW18 channels could be included in Den/Hathway packs at lower prices. "We consider RIL via the combined entity to emerge as one of the dominant entities in the media space and through the merged entity gives an opportunity to invest in the high growth segments," it said. Media contributes to 2.1 per cent of RIL's EV and is not a big driver. "It, however, helps RIL improve customer stickiness with the potential to offer bundled products in the future and better analyse customer trends/segmentation," it added. In a separate report, CLSA said the restructuring of media assets may be a precursor to Reliance Jio IPO. RIL "is restructuring its media businesses to mainly a defunct dual holding structure of broadcast operations and merging Hathway and Den Networks," it said adding that multiple businesses are being folded into Network18, which will be the sole listed entity and will be 64 per cent owned by RIL. "We do not see these deals as a media sector consolidation, but as a precursor to a likely IPO of Reliance Jio," CLSA said. "Reliance's 'news' (carries 26 per cent foreign ownership restriction) and 'distribution' businesses post deals housed in Network18 will likely make a subsequent deal with Sony to merge entertainment channels less likely." Viacom US, the foreign partner of Reliance, will continue to own 49 per cent in broadcast operations via Viacom18 Media which will be a 51 per cent subsidiary of Network18. Reliance through subsidiaries currently owns 82 per cent in Den and 80 per cent in Hathway and has spent about Rs 6,400 crore in acquiring these companies, which surprisingly have seen subscribers drop from 24 million (when acquired in end-2018) to current 15 million. ANZ MKJ

Reliance rejig of media business makes Sony deal less likely: Experts

<ul><li>The blurred scenes of the popular series also involve two pieces of cooked pork — a meat which could have possibly hurt sentiments.</li><li>Moreover, <keyword id="264530" type="ORGANIZATION" weightage="20" keywordseo="Vikings">Vikings</keyword> Season 5 Episode 12 is about 46 minutes long internationally. However, in India, the same episode is about 42 and a half minutes long. </li><li><keyword id="128682" type="COMPANY" weightage="20" keywordseo="Netflix">Netflix</keyword> Customer Care says they comply if they “receive written legal demand by the local governing authorities.”</li><li>However, Netflix says it hasn't censored Vikings Season 5 rather this is the licensed content they received from History 18, the original broadcaster of the series. </li></ul><keyword id="3194526" type="PERSON" weightage="20" keywordseo="Netflix-India">Netflix India</keyword> has carried a different version of Vikings season 5 where some of the scenes showing nudity, violence and other gory content are either blurred or eliminated. The blurred scenes of the popular series also involve two pieces of cooked pork — a meat which could have possibly ‘hurt sentiments’. However, Netflix says it hasn't censored Vikings Season 5 rather this is the licensed content they received from History 18, the original broadcaster of the series. <div type="twitter" handle="AroonDeep" handlename="Aroon Deep" image="http://pbs.twimg.com/profile_images/1045752704838983680/UqzfFmnu_normal.jpg" favoritecount="1735" retweetcount="849" status="Netflix India has censored meat (among quite a few other things) from Vikings. Same scene from India and Italy. https://t.co/NXCE9Kzmh4" createdat="1590940261000" id="1267121414408200192"></div> Ever since Netflix released Vikings in India viewers have been complaining about blurring out or completely eliminating a scene. Indian viewers on Twitter have pointed out that scenes with nudity were entirely blurred. Whereas, some violent scenes were entirely cut. <div type="twitter" handle="ssaig" handlename="SID" image="http://pbs.twimg.com/profile_images/1267106118075064322/FQRrFDFf_normal.jpg" favoritecount="2" retweetcount="2" status="This is from UAE. An Arab country. Not censored here. FYI https://t.co/J68hN0fguE https://t.co/HmkFFIEpv2" createdat="1590993494000" id="1267344690275332096"></div>For instance, Episode 12 is about 46 minutes long internationally. However, in India, the same episode is about 42 and a half minutes long. <div type="twitter" handle="SJvg21" handlename="Sanjay vg" image="http://pbs.twimg.com/profile_images/3400010063/f55176fbbb3d8dba7d1b973e64d92881_normal.jpeg" favoritecount="29" retweetcount="18" status="@NetflixIndia still watching vikings s5 e12 and in one scene cooked meat on the table is censored...?what is up wit… https://t.co/lTSqvJmpPb" createdat="1587845767000" id="1254142163916488704"></div> This isn’t the first time a streaming service has done something like this. Last year, Amazon Prime <a href="https://www.businessinsider.in/policy/news/from-cuts-to-deleting-an-entire-episode-heres-how-netflix-amazon-prime-and-other-streaming-services-are-censoring-its-own-content/articleshow/72234927.cms">deleted an entire episode of CBS political drama Madam Secretary</a> in its Indian version. Hotstar, in March, <a href="https://economictimes.indiatimes.com/news/politics-and-nation/john-oliver-slams-hotstar-for-censoring-his-show-in-india/articleshow/74560576.cms?from=mdr">censored one of the episodes from John Oliver’s Last Week Tonight </a>where he was critical of Prime Minister Narendra Modi. In 2015, Netflix India released Angry Indian Goddess in theatres with several cuts to avoid a backlash. However, <a href="https://www.news18.com/news/buzz/netflix-responds-after-censored-images-of-meat-from-vikings-go-viral-on-twitter-2647875.html">it released an uncensored version soon</a> after user demanded. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/keralas-liquor-home-delivery-app-bevq-has-fallen-to-a-2-1-rating-on-the-google-play-store/articleshow/76133893.cms">BevQ, Kerala’s liquor home delivery app, is ‘on the rocks’ with a 2.1 rating on the Google Play Store</a> <a href="https://www.businessinsider.in/defense/news/china-is-a-bully-says-us-representative-on-india-china-border-issue/articleshow/76147159.cms">China is a ‘bully’ says US Representative on India-China border issue</a> <a href="https://www.businessinsider.in/international/news/the-coronavirus-is-losing-its-potency-in-italy-and-clinically-no-longer-exists-according-to-italian-doctors/articleshow/76137336.cms">The coronavirus is weakening in Italy, several doctors say — but health authorities warn that 'this is still a killer virus'</a>

Vikings Season 5 blurs cooked meat and nudity in India — Netflix pushes blame on Network18

<keyword id="681957" type="ORGANIZATION" weightage="100" keywordseo="Bigtree-Entertainment">Bigtree Entertainment</keyword>, the parent company of India’s biggest movie and entertainment ticketing portal <keyword id="600792" type="UNKNOWN" weightage="100" keywordseo="BookMyShow">BookMyShow</keyword>, has been valued at more than Rs 3000 crore in the latest funding round. 
 
The company also raised over Rs 550 crore, mostly by US-based growth fund Stripes Group, in what could be called as one of 2016’s largest rounds of funding for an internet company. 
 The round also saw an active participation from all the existing investors of the company, viz. <keyword id="320882" type="COMPANY" weightage="100" keywordseo="Network-18">Network 18</keyword>, <keyword id="144381" type="COMPANY" weightage="100" keywordseo="Accel-Partners">Accel Partners</keyword>, and <keyword id="161314" type="COMPANY" weightage="100" keywordseo="SAIF-Partners">SAIF Partners</keyword>. 
 "We will continue to invest in enhancing user experience through our data analytics engine , and building contextual entertainment content including videos, reviews, discovery," <keyword id="6567822" type="PERSON" weightage="100" keywordseo="Ashish-Hemrajani">Ashish Hemrajani</keyword>, CEO and cofounder of BookMyShow, told <a href="http://economictimes.indiatimes.com/small-biz/money/bookmyshows-parent-company-bigtree-entertainment-raises-over-rs-550-crore/articleshow/53058255.cms">ET</a>. 
 
Hemrajani added that they now have enough capital to invest in strengthening its leadership position for the coming three years. 
 
The funding raised in this round is more than double of the total capital that the company raised over the last six years. 
 
<a href="http://www.dqindia.com/wp-content/uploads/2016/03/bookmyshow.jpg">Image source</a>

Bigtree Entertainment valued at more than Rs 3000 crore in
latest funding round

New Delhi, Nov 28 () Billionaire Mukesh Ambani's Reliance Industries on Thursday denied reports of selling its news media business to Times Group.
Bloomberg early on Thursday reported that Ambani "is in talks to sell his news media assets to India's Times Group, as Asia's richest man plans to unload a business that's been losing money".
"Reliance Industries firmly denies (the) story. The story is baseless and false," a company spokesperson said.
The report had quoted people familiar with the matter to say that Bennett Coleman &amp; Co, the publisher of the Times of India, is looking to hire advisers for due diligence on the news properties of Ambani's Network18 Media &amp; Investments Ltd.
Bennett Coleman's spokesperson couldn't be immediately reached for comments.
Reliance had in 2014 bought Network18, which owns and operates 56 local channels spanning news and entertainment, for up to Rs 4,000 crore.
Network18 owns TV channels (including CNBCTV18, CNN-IBN, CNN Awaz), websites (firstpost.com, moneycontrol.com), magazines (including the license for Forbes India), entertainment channel (Colors and MTV) among other businesses.
Unlisted Bennett Coleman, also known as the Times Group, already has two news channels -- Times Now (for general news) and ET Now (the business news channel) which compete with Network18's general news channel News18 and business news channel CNBCTV18.
TV18 Broadcast Ltd - the BSE-listed firm that houses the news channels - has a market cap of about Rs 4,100 crore. Promoters hold 60.40 per cent interest in the company which had in the July-September quarter reported a net loss of Rs 1.03 crore. It had a profit of Rs 8.5 crore in 2018-19 fiscal.
Last month, Reliance in its consolidated earnings statement for the July-September quarter reported a Rs 47 crore pre-tax profit from its media business on a revenue of Rs 1,174 crore.
"Robust 43 per cent growth in subscription income post-implementation of new tariff order (NTO) was offset by a weak advertising environment," it had said. "News portfolio solidified its leadership with a 10.9 per cent viewership share. Broad-based cost optimizations led to Entertainment Business-as-usual (BAU) margins rising to 12.9 per cent, vs 9.9 per cent in 2Q FY19." PRS ANZ BAL

Reliance denies selling news media biz to Times Group, says reports false, baseless

<keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> Limited (<keyword id="6484187" type="COMPANY" weightage="20" keywordseo="ril">RIL</keyword>) does not seem to be keen on a deal with Sony Pictures for a stake sale and merger in Viacom 18. As per sources, <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> led RIL is not keen on the Sony conversation. Sources said digital media and entertainment is an essential pillar of Jio's digital business strategy. Reliance plans to invest aggressively and grow the digital media business. They added that Reliance wants to retain management control over the digital operations and invest behind creating India's number 1 OTT destination as well as broadcast platform. Sources revealed that entertainment is central to Jio's FTTH plans in partnership and collaboration with other content and production companies. "There is a lot of interest from content companies and production houses in partnering with Reliance and Jio, and investors are keen to back such partnerships," they added. Earlier, there were reports that Sony is likely to own 74 per cent after a merger with Viacom 18. As per reports, a merger of Sony Pictures Network and Viacom 18 was being discussed. Viacom 18 is a 51:49 JV between Reliance owned Network 18 and Viacom. There had been a buzz about the deal for some months now.

You Searched For "Network 18" and got 14 results

Sudhanshu Vats resigns as MD of Viacom18

BI India Partner

Reliance will sell its stake in Network18

BI India Bureau

RIL To Spend Rs 4,000 Crore To Acquire Network18

BI India Bureau

RIL to merge media, distribution businesses into Network18

PTI

TV 18, CNN to end 10 years of partnership

BI India Bureau

Network 18 case: Sebi says no open offer needed on investments involving IMT

PTI

RIL drops but group entities surge on consolidation move

PTI

RIL stock marginally down as co announces consolidation of media, distribution biz

PTI

Former Flipkart exec from Wharton Business School will lead Twitter in India

Sriram Iyer

Reliance rejig of media business makes Sony deal less likely: Experts

PTI

Vikings Season 5 blurs cooked meat and nudity in India — Netflix pushes blame on Network18

Preeti Soni

Bigtree Entertainment valued at more than Rs 3000 crore in latest funding round

BI India Bureau

Reliance denies selling news media biz to Times Group, says reports false, baseless

PTI

Reliance ditches Viacom18 merger talks with Sony – has its eyes set on building India's No.1 OTT and broadcast platform

IANS

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