Reliance to acquire Network18

The Reliance Industries Limited board has approved funding of up to Rs. 4,000 crore to Independent Media Trust (IMT) for acquisition of control in Network18 Media & Investment Ltd, including subsidiary TV18 Broadcast.

The company will use the funds to acquire control over Network18 and TV18 resulting in ownership of about 78% in Network18 and 9 per cent in TV18, and to acquire shares tendered in the open offer.

This deal will differentiate Reliance’s 4G business by providing amalgamation at the intersect of telecom, web and digital commerce via a suite of premiere digital properties, which includes in.com, ibnlive.com, moneycontrol.com, firstpost.com, cricketnext.in, homeshop18.com, bookmyshow.com; the broadcast channels include Colors, CNN IBN, CNBC TV18, IBN7 and CNBC Awaaz.