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RIL to acquire control in Network 18 for Rs 4,000 crore
Published on May 30, 2014
In the biggest ever deal in the Indian media sector, Reliance Industries will take control of popular television news channels CNN-IBN, IBN7, CNBC-TV18 and Lokmat, and an entire clutch of ETV channels with a massive infusion of Rs. 4,000 crore into Network 18 Media and TV18 Broadcast Ltd.
News websites such as firstpost.com and ibnlive com and the Colors entertainment channel will also be acquired.
Reliance through its Independent Media Trust (IMT) would result in the trust having an ownership of 78 % in Network 18 and 9 % in TV18.
