Mumbai: Network18 Media & Investments on Monday said it has accepted an offer from a subsidiary of Viacom 18 Media Private Ltd to buy the entire shareholding of London-listed The Indian Film Company (TIFC) at a price of 115.56 pence.
The board of directors of Roptonal Limited, Cyprus, a subsidiary of Viacom 18 Media Private Ltd, has made an offer for the issued share capital of TIFC, Network18 Media said in a filing to the Bombay Stock Exchange.
Network18 Media & Investments Limited, which together with certain affiliates owns 80.4% of the voting shares in TIFC, has considered this offer beneficial to its shareholders and has given an irrevocable undertaking to accept the offer, the filing said.
Viacom18 is a 50:50 joint venture between IBN18 Broadcast Limited and Viacom Group. IBN18 is a subsidiary of Network18.
This is in line with the company’s planned expansion in the entertainment space and acquisition of synergistic content.
Shares of Network 18 Media & Investments were trading at Rs 153 in early trade on the BSE today, up 1.83% from the previous close.