TV18 Home Shopping Network Ltd (HomeShop18) today said it has completed merger with Shop CJ Network (Shop CJ), creating the largest TV home-shopping network in India.
In September last year, Homeshop18 (a subsidiary of Network18 Media and Investments) and Shop CJ Network had said they will merge the businesses of both entities.
"...pursuant to the completion of the transaction, TV18 Home Shopping Network Ltd and NW18 HSN Holding Plc cease to be subsidiaries of the company," Network18 Media and Investments today said in a BSE filing.
However, Network18 would continue to be the largest shareholder in the combined entity. Post the completion of the transaction, Shop CJ shareholders hold 25 per cent in the combined entity.
"The resultant benefits of scale shall better the growth prospects for the combined entity, allowing it to improve its standing in the TV home-shopping landscape and compete better with the challenge from e-commerce players," HomeShop18 said.
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