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Journalism of Courage
Network18 group has decided to create two new listed entities and realign its business under two entities one focussing on television and the other on operations such as websites and publishing to simplify its shareholding pattern. The company plans to transfer its broadcast business to IBN18 and the new entity will be named TV18.
The new Network18 will have a controlling stake in new TV18 and will operate the digital,publishing,sports and event management businesses. The media major said that all its TV businesses including CNBC-TV18,CNN-IBN,IBN7,CNBC-Awaaz and the group8217;s 50 per cent stake in Colors,MTV,Nick,VH1 and IBN Lokmat have been consolidated into IBN18 new TV18. The new Network18,which will hold a controlling interest in new TV18,will operate the groups website,publishing,sports and event management businesses. The new Network18 will also hold all group investments in HomeShop 18,Newswire 18,DEN,Yatra and Capital 18,it added.
8220;The new TV18 will be a compelling bouquet of the most vied-for channels in the Indian television space for all stakeholders be it viewers or advertisers. Network18 remains well-poised to exploit the gamut of opportunities offered by the television space,8221; Network18 Group CEO Haresh Chawla said. The proposed scheme will also lead to the creation of 8 per cent treasury block in the new Network18,which will be held in a trust,to be appropriately monetised for the benefit of shareholders.
