As of now, Reliance will effectively control the joint venture. It will own a direct stake of 16.34% in the company, while subsidiary Viacom18 will own 46.82%, and Disney 36.84%.
TV18 Broadcast had posted a net profit of Rs 37.81 crore in the October-December period of the preceding fiscal, the company said in a regulatory filing. TV18 Broadcast's total expenses were up 5.2% to Rs 1,907.28 crore in the December quarter.
The company had posted a profit of Rs 8.82 crore during the October-December period a year ago, according to a regulatory filing by Network18 Media & Investments Ltd.
New Delhi, Network18 Media & Investments Ltd and TV18 Broadcast Ltd on Wednesday announced a consolidation of their TV and digital news businesses. The two
TV18 Broadcast and e-Eighteen.com Ltd will be merged with Network18, the companies said through separate exchange filings. Following this, shares of both companies plunged in trade on Thursday.
With an extensive presence across languages in both TV and Digital domains, the merger is poised to empower Network18 to consolidate and expand its business from a robust position, a statement from Network18 said
The company said that the merger scheme will consolidate its broadcasting and digital media businesses into Network18 and will result in all the businesses being housed in one listed company, Network18.
Bata India has clarified that it "continues to explore opportunities for strategic collaborations and tie-ups". This comes after media reports that Bata is in talks with Adidas over a potential strategic partnership for the Indian market. Bata India's shares on Thursday closed 5.3% higher at Rs 1,733.75 apiece in a downcast Mumbai trading as BSE Sensex had plunged 388 points.
Viacom18, a company in which Network18's subsidiary TV18 holds a 13.54% stake, has digital rights to the IPL. In the same quarter of the previous fiscal year, the company recorded revenue of Rs 1,340 crore. The company reported an operating loss of Rs 84 crore for the quarter, compared to a profit of Rs 46 crore a year ago.