Network18 Group has completed a Rs 2,053-crore deal to acquire stakes in different channels of ETV, which was announced in 2012.
TV18 Broadcast Ltd is pleased to announce that subsequent to the receipt of all regulatory approvals, it has successfully completed the acquisition of ETV assets, the company said in a BSE filing today.
It has also acquired 50 per cent stake in entertainment channels ETV Marathi, ETV Kannada, ETV Bangla, ETV Gujarati and ETV Oriya. Apart from that it has also bought 24.5 per cent share of ETV Telugu and ETV Telugu News.
As per the deal, TV18 would have board and management control of ETV news channels and ETV non-Telugu entertainment channels, it added.
"The interest is being transferred to TV18 with effect from January 22, 2014," the notice said.
It further added that TV18 is holding the 50 per cent in ETV non-Telugu entertainment channels as an asset for sale since the interest in these channels are being transferred to an associate company.
In January 2012, Network18 Group and Reliance Industries had joined hands for a multi-layered deal, under which the Mukesh Ambani-led corporate giant would sell part of its interest in ETV channels and would get access to content and distribution assets of the electronic media group.
As part of the deal, TV18 was to acquire 100 per cent stake in regional news channels, 50 per cent in non-Telugu entertainment channels and 24.5 per cent interest in the two Telugu channels.
At the time of announcing the deal, RIL had stated that its group companies, through investments of about Rs 2,600 crore, held interest in various ETV channels, being operated and managed by the Eenadu Group.
These included 100 per cent stake in regional news channels (ETV Uttar Pradesh, ETV Madhya Pradesh, ETV Bihar and ETV Urdu), 100 per cent stake in entertainment channels (ETV Marathi, ETV Kannada, ETV Bangla, ETV Gujarati and ETV Oria), and 49 per cent in two Telugu channels (ETV Telugu and ETV Telugu News).