RIL Mukesh Ambani to take full control of Network 18 the giant of Indian Media

RIL Mukesh Ambani to take full control of Network 18 the giant of Indian Media

Reliance Industries Ltd (RIL) on Thursday announced that it is taking complete control of Network 18 Media and Investments Ltd, including its subsidiary TV18 Broadcast Ltd.

Network18 is one of India’s largest media companies, which owns television channels
CNBC TV18
CNN-IBN
IBN 7
CNBC Awaaz
Colors
Homeshop18 - Internet Retail Shop TV channel

List of Network 18 owned websites –
Moneycontrol.com
firstpost.com
In.com
Ibnlive.com
Cricketnext.in
Bookmyshow.com


Print magazines owned by Network 18 Group
Forbes India
Overdrive

In a statement sent to the BSE, RIL said: “The Board of Reliance Industries Limited today approved funding of Rs.4, 000 crore to Independent Media Trust (IMT), of which RIL is the sole beneficiary” for taking over Network18.
“IMT would use the funds to acquire control over NW18 and TVE18 resulting in ownership of about 78% in NW18 and 9% in TV18 and to acquire shares tendered in the open offers.”

As per media reports Network18’s chief executive officer (CEO) B. Sai Kumar, chief operating officer Ajay Chacko, and chief financial officer (CFO) R.D.S. Bawa have all quit in the past two days.

Company’s managing director Raghav Bahl and his wife and director Ritu Kapur have quit too. An official announcement on the exit of Bahl and his wife is yet to be made

Many people are saying that several senior editors including
Sheeren Bhan, executive editor at CNBC TV18
Rajdeep Sardesai, editor-in-chief of IBN18 Network
Sagarika Ghose, deputy editor at CNN-IBN
Senthil Chengalvarayan, managing editor at CNBC TV18

Will quit next week.


Reality views by sm –

Friday, May 30, 2014

Tags – RIL Control Media TV