Network18 Media spurts on buzz Sony in talks to acquire stake

Network18 Media & Investments soared 12.06% to Rs 28.80 after reports suggest that Japan's Sony Corporation is planning to acquire a stake in the media company.

With the aim to tap the thriving demand for content in India, Sony is repotedly carrying out due diligence on Network18 before it comes up with any likely offer. The Japanese giant is reviewing various deal structures, comprising a bid for the company or a merger of Sony's Indian business with Network18's entertainment channels, reports added.

Mukesh Ambani through a network of subsidiaries owns a controlling stake in Network18.

On the BSE, 3.32 lakh shares were traded in the counter which is almost 11 times the average daily volumes of 28,391 shares traded in the past two weeks.

In the past one month, shares of Network18 Media & Investments surged 34.89% to its current market price of Rs 28.80.

On a consolidated basis, Network18 Media & Investments reported a net loss of Rs 58.97 crore in Q2 September 2019 compared with a net loss of Rs 98.90 crore in Q2 September 2018. Net sales fell 5.1% to Rs 1,173.82 crore in Q2 September 2019 over Q2 September 2018.

Network18 Media and Investments is one of the largest media conglomerates with diversified but synergistic interests in Television with its bouquet of fifty channels in India and thirteen international channels, besides filmed entertainment, digital content, magazines, digital commerce and allied businesses.

Network18 is promoted by Independent Media Trust of which Reliance Industries is the sole beneficiary.

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