Network18 Media & Investments Ltd. and TV18 Broadcast Limited Wednesday announced a Scheme of Arrangement in terms of which TV18 and e-Eighteen.com Limited (“E18”, which owns and operates moneycontrol website and app) will merge with Network18.
The proposed Scheme will consolidate TV and Digital news businesses of the Network18 group in one company and will help create India’s largest platform-agnostic news media powerhouse with the widest footprint across languages, straddling both TV and Digital.
Network18 said that the move will enable the company to consolidate and further grow its business from a position of strength.
“This will present a unique opportunity to all shareholders to participate in the media business of the group through one listed entity,” the company said in a regulatory filing.
The merged entity will comprise of the TV portfolio of TV18 (20 news channels in 16 languages and CNBCTV18.com), Digital assets of Network18 (News18.com platform across 13 languages and Firstpost) as also moneycontrol website and app.
Viacom18 with its portfolio of JioCinema and 40 TV channels will be a direct subsidiary of Network18.
Network18 will continue to hold its investment in BookMyShow.
“As consumers and advertisers increasingly gravitate towards omni-channel experiences across different aspects of their lives, having a deep and integrated presence across both TV and Digital media will enable the merged entity to serve them better. Further, as Network18 group has been working towards convergence, an integrated entity for news gathering and dissemination is expected to result in cost and content synergies,” the company said.
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