| Television Eighteen India on Wednesday announced creation of a holding company, TV18 Network. The proposed company, which will be listed with the stock exchanges, will hold over 51 per cent each in Television Eighteen India and the proposed general news channels.
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| After a board meeting today, which approved the restructuring proposal, the company stated in a press release that the shareholders of Television Eighteen would have proportionate shareholing in the two listed companies - Television Eighteen India and TV18 Network. The promoters and their associates hold 31.17 per cent in Television Eighteen as on June 30, 2005.
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| BMR and Associates is the financial and transaction advisors, while KPMG India has provided indicative valuation guidance for the restructuring.
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| Aimed at unlocking shareholder value, the new structure was expected to “enhance the group’s ability to cater better to the needs of viewers for accurate, timely and insightful news and information,” the release said.
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| “This also provides the group a platform to embark upon its next phase of growth, having achieved a position of undisputed leadership in the business and consumer news space,” it added. The company said that the restructuring enabled TV18 to comply with the uplinking guidelines of the government.
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| Television Eighteen controls business news channels CNBC-TV18 and Awaaz, along with websites namely moneycontrol.com and commoditiescontrol.com .
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| The group plans to introduce general news channels in English and Hindi.Television Eighteen is a business and consumer news broadcaster and a media content provider.
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| It has, over the last decade, provided prime time television content to channels including BBC, Star Plus, Sony Entertainment Television, Zee, MTV and Discovery. It went public in 1999. The Television Eighteen stock closed at Rs 382.05 on Tuesday, 0.84 per cent up over the previous closing, in a firm Mumbai market. |
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