New Delhi: Network18 Media & Investments Ltd. and TV18 Broadcast Ltd. today announced a Scheme of Arrangement in terms of which TV18 and e-Eighteen.com Ltd. (“E18”, which owns and operates moneycontrol website and app) will merge with Network18.
The proposed Scheme will consolidate TV and Digital news businesses of the Network18 group in one company with the widest footprint across languages, straddling both TV and Digital. It will enable Network18 to consolidate and further grow its business. This will present a unique opportunity to all shareholders to participate in the media business of the group through one listed entity.
The merged entity will comprise of the TV portfolio of TV18 (20 news channels in 16 languages and CNBCTV18.com), Digital assets of Network18 (News18.com platform across 13 languages and Firstpost) as also moneycontrol website and app. Viacom18 with its portfolio of JioCinema and 40 TV channels will be a direct subsidiary of Network18. Network18 will continue to hold its investment in BookMyShow.
The Board of Directors of the respective companies have approved the Scheme of Arrangement at their meetings held today.
The appointed date for merger was April 1, 2023. The share exchange ratio stood at 100 shares of Network18 for every 172 shares of TV18 and 19 shares of Network18 for every 1 share of E18.