The Reliance Group-owned Network18 Media and Investments Ltd. will merge its television and digital news businesses with itself.
Under the scheme of amalgamation, TV18 Broadcast Ltd. shareholders will get 100 fully paid-up equity shares of Rs 5 each of Network18 for every 172 equity shares held in the broadcast company.
Whereas shareholders of the unlisted e-Eighteen.com Ltd. will get 19 fully paid-up equity shares of Rs 5 each of Network18, for every 1 equity share held in the digital unit.
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The merged entity will comprise the TV portfolio of TV18 (20 news channels in 16 languages and CNBCTV18.com), the digital assets of Network18 (News18.com platform across 13 languages and Firstpost) and the Moneycontrol website and app, an exchange filing said on Wednesday.
Entertainment unit Viacom18, with its portfolio of JioCinema and 40 TV channels, will be a direct subsidiary of Network18. The company will continue to hold its investment in BookMyShow.
The Mumbai-based company said the consolidation will result in operational synergies, cost optimisation and increased revenue realisation.
TV18 operates India's largest bouquet of news channels across 16 languages, with marquee properties like CNBC TV18, CNN News18 and News18 India.
E18 operates the business news website, Moneycontrol.com.
Shares of Network18 closed 8.76% higher at Rs 98.6 apiece on Wednesday ahead of the announcement, as compared with a 0.52% advance in the BSE Sensex.
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