News posted by www.newsinfoline.com
Mumbai, July 7 (PTI) Media major Network18 Group today announced a business rejig through the consolidation of its various activities under two entities -- one focussing on television and the other on operations such as websites and publishing. In a filing to the Bombay Stock Exchange, Network18 said that all its TV businesses -- including CNBC-TV18, CNN-IBN, IBN7, CNBC-Awaaz and the group''s 50 per cent stake in Colors, MTV, Nick, VH1 and IBN Lokmat -- have been consolidated into IBN18 (New TV18). The New Network18, which will hold a controlling interest in New TV18, will operate the group''s website, publishing, sports and event management businesses. The New Network18 will also hold all group investments in HomeShop 18, Newswire 18, DEN, Yatra and Capital 18, it added. The Yellow Pages and magazine publishing businesses of Infomedia18 will be merged with Network18, while printing press operations will continue to remain with the company. "The board today approved a re-organisation plan to create a simplified two listed entity structure for the group," Network18 said in its filing. Under the rearrangement, shareholders with 100 TV18 shares will receive 68 shares of IBN18 (eventually TV18) and 13 shares of Network18, it said. Besides this, those who have 100 shares of Infomedia18 will retain their existing shares and receive 14 additional ones of Network18 (taking the transfer of Yellow Pages and the publishing business into consideration). "The New TV18 will be a compelling bouquet of the most vied-for channels in the Indian television space for all stakeholders -- be it viewers or advertisers. New Network18 remains well-poised to exploit the gamut of opportunities offered by the television space," Network18 Group CEO Haresh Chawla said. The proposed scheme will also lead to the creation of 8 per cent treasury block in the new Network18, which will be held in a trust, to be appropriately monetised for the benefit of shareholders. The new arrangement will be implemented with retrospective effect from April 1, 2010.
News posted by www.newsinfoline.com
Click here to read more news from www.newsinfoline.com
Please follow our blogs
newsinfolinephotogallery
prabugallery
newsinfolinephotogallery1
photogallery1
No comments:
Post a Comment