M&A

M&A

TV18, E-18 to merge with Network 18

Mint   Press Release   BSE Announcement  

The TV channel portfolio of publicly listed TV18 Broadcast Ltd (20 news channels in 16 languages and CNBCTV18.com), digital assets of Network18 (News18.com platform across 13 languages and Firstpost and the Moneycontrol website and app (under e-Eighteen.com Ltd or E18), will be merged into a direct subsidiary of publicly-listed Network18 Media & Investments Ltd. The move will consolidate the TV and digital news businesses of the Network18 group under one company and help create a platform-agnostic news media company with a footprint across languages. Viacom18, with its portfolio of JioCinema and 40 TV channels, will be a direct subsidiary of Network18, which will continue to hold its investment in BookMyShow. The share exchange ratio stands at 100 shares of Network18 for every 172 shares of TV18 and 19 shares of Network18 for every share of E18. A joint valuation report for the fair share exchange ratio has been provided by PwC Business Consulting Services LLP (PWC BCS) and Ernst & Young Merchant Banking Services LLP (EY). PWC BCS was appointed by Network18 and EY was appointed by TV18 and E18. BofA Securities India Limited (for Network18), Citigroup Global Markets India Private Limited (for TV18) and HSBC Securities and Capital Markets India Private Limited (for E18) provided Fairness Opinion as financial advisors while Khaitan & Co. is the legal advisor for the Scheme