Merger of TV18 Broadcast, Hathway, Den Networks into Network18 called off

A year after announcing the merger of Den Networks, TV18 Broadcast, and Hathway Cable & Datacom into Network18 Media, Mukesh Ambani-led Reliance Industries (RIL) called off the transaction.
 
Den Networks, a cable distribution company owned by RIL, said on Wednesday that it had decided against proceeding with the composite scheme of arrangement in which it was to merge into Network18 along with its sister concerns.
 
“Considering that more than a year has passed from the time the board considered the scheme, it has decided to not proceed with the arrangement envisaged in the scheme,” Den said in a statement to the stock exchanges.
 
The development comes within a month of an offer for sale (OFS) launched by