Indian business giant Reliance Industries Limited is all set to take over the popular TV news channels like CNN IBN, CNBC TV 18, IBN 7 and Lokmat through the Network 18 group. The company will be taking over Network 18 with an infusion of a whopping Rs. 4,000 crores. The acquisition will also include the groups online properties like firstpost.com, ibnlive.com and TV Colours Entertainment.
The head of financial advisory, Deloitte India while talking to the reporters said, “This is the biggest-ever deal in the Indian media space”. The announcement about the acquisition was made on May 29, 2014 after the chief executive officer B. Sai Kumar of Network 18 and chief operating officer Ajay Chacko put in the papers.
The founder and Editor of Network 18, Raghav Bahl, said that he has sold his stake in the company. Bahel’s association with the company is expected to end in July 2014. On the other hand the senior editorial staffers are doubtful about their future in the company. One of the staffers said that currently the management has been affected, but they do not have any idea what will happen to them in future.
Reliance released a press statement which said that the media acquisition through Independent Media Trust will result in having an ownership of 78 percent in Network 18 and nine percent in TV 18.
Photo Credits: Newsroom post
