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Network18 Sells Its Stake In Newswire18 To Samara Capital
AdGully is reporting that Network18, the mass media company which holds Television Eighteen India Ltd (TV18), IBN 18 Broadcast Ltd, Web 18, Studio 18, Shop 18, Infomedia 18, and Viacom 18, has decided to share its shareholding in Newswire18, a company which provides financial and news data in India. Network18 has reached an agreement with Samara Capital over the details.
The reason behind this move seems to be about bringing a greater focus on its core businesses while exiting non-core businesses like Newswire18 in a profitable manner. The television and digital business is what Network18 wants to concentrate on currently. Network18 owned 70% of the shares of Newswire18 as it had incubated the company. The total cashout for the media giant seems to be around Rs.90 crores. Newswire18 will also be rebranded over the next few months.
Raghav Bahl, Managing Director at Network18 had this to say about the development.
“The divestiture of Newswire18, India’s leading financial data and news terminal business is a reflection of our commitment to profitably monetize non-core assets for the benefit of our shareholders and to also facilitate the growth of these businesses to the next level. We are proud to have partnered with NewsWire18 in its journey thus far and are confident that Pankaj and his team will continue to excel and build one of the finest financial data businesses in India.”
Network18 had previously sold its stake in NetworkPlay when it was acquired by Gruner+Jahr earlier this year. NetworkPlay had seen capital infusion from Capital18, the venture funding arm of Network18. The company has also diluted its stake in the popular BookMyShow earlier. All this positive restructuring makes for some very good profits for the company which already owns some significant media properties.
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2012-12-03 16:01:15
Source: http://www.watblog.com/2012/12/03/network18-sells-its-stake-in-newswire18-to-samara-capital/
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