Reliance Industries to acquire controlling stake of Network18

RIL board has approved the funding of up to Rs 4,000 crore to control 78 per cent in Network18 and 9 per cent in TV18.

The board of Reliance Industries Limited (RIL) has approved funding of up to Rs 4,000 crore to Independent Media Trust (IMT), of which RIL is the sole beneficiary, for acquisition of control in Network18 Media & Investments Limited including its subsidiary TV18 Broadcast Limited.

Network18 is the owner of a suite of premier digital internet properties, e-commerce businesses and differentiated broadcast content.

IMT will use the funds to acquire control over Network18 and TV18, resulting in ownership of about 78 per cent in Network18 and 9 per cent in TV18.

This acquisition will differentiate Reliance's 4G business by providing a unique amalgamation at the intersect of telecom, web and digital commerce via a suite of premier digital properties.

This suite includes In.com, IBNLive.com, Moneycontrol.com, Firstpost.com, Cricketnext.in, Homeshop18.com, Bookmyshow.com; the broadcast channels include Colors, CNN IBN, CNBCTV18, IBN7 and CNBC Awaaz.