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Network18 board approves business restructuring

Network18 board approves business restructuring
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First Published: Wed, Jul 07 2010. 04 40 PM IST
Mumbai: Network18 group said its board has approved realigning its businesses into two entities - its broadcast business and its digital and publishing units.
Network18 said TV18 shareholders will get 68 shares of IBN18 and 13 shares of company for every 100 held.
It said the restructuring, which is effective 1 April, will create an 8% treasury block in the new Network 18 entity.
“The new structure will offer shareholders the choice of investing in either the entire Network18 group or only in the broadcast TV business,” the company said in a statement.
After the restructuring, TV18 will comprise of the network’s four news channels, and also music and general entertainment channels.
Network18 will hold controlling interest in TV18 and operate the digital, publishing, sports and event management businesses of the group.
BMR Advisors acted as financial advisors for the deal, while Grant Thornton did the valuation for the units.
Shares of Network18 closed up 2.5% atRs164.4 , while those of TV18 and IBN18 closed down slightly in a weak Mumbai market.
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First Published: Wed, Jul 07 2010. 04 40 PM IST