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TV 18 completes ETV channel acquisition
A year ago, one of India’s leading media companies announced that it was acquiring the regional broadcast network; yesterday it informed the stock exchange that it had completed the transaction. We are referring to TV18 Broadcast, a subsidiary of Network 18, which sent a note out to the Bombay stock exchange that it had successfully completed the acquisition of the Ramoji Rao promoted ETV network with effect from 22 January 2014.
The channels were acquired at a price of Rs 2,053 crore according to the Share Purchase Agreement which is well within the budget of Rs 2,100 crore that was approved by its board last year. The deal resulted in it acquiring 100 per cent of regional Hindi news channels ETV Uttar Pradesh, ETV Madhya Pradesh, ETV Rajasthan, ETV Bihar and ETV Urdu and 50 per cent in ETV Marathi, ETV Kannada, ETV Bangla, ETV Gujarati and ETV Oriya. The Telugu news and GEC channels ETV Telugu and ETV Telugu News will, however, see TV18 owning only 24.50 per cent equity.
Excepting for the two Telugu channels, TV18 will have complete board and management control over all the other channels. Additionally, it will be holding the 50 per cent stake in the five regional GECs as an asset held for sale.
Source: http://www.indiantelevision.com/television/tv-channels/news-broadcasting/tv-18-completes-etv-channel-acquisition-140123
A year ago, one of India’s leading media companies announced that it was acquiring the regional broadcast network; yesterday it informed the stock exchange that it had completed the transaction. We are referring to TV18 Broadcast, a subsidiary of Network 18, which sent a note out to the Bombay stock exchange that it had successfully completed the acquisition of the Ramoji Rao promoted ETV network with effect from 22 January 2014.
The channels were acquired at a price of Rs 2,053 crore according to the Share Purchase Agreement which is well within the budget of Rs 2,100 crore that was approved by its board last year. The deal resulted in it acquiring 100 per cent of regional Hindi news channels ETV Uttar Pradesh, ETV Madhya Pradesh, ETV Rajasthan, ETV Bihar and ETV Urdu and 50 per cent in ETV Marathi, ETV Kannada, ETV Bangla, ETV Gujarati and ETV Oriya. The Telugu news and GEC channels ETV Telugu and ETV Telugu News will, however, see TV18 owning only 24.50 per cent equity.
Excepting for the two Telugu channels, TV18 will have complete board and management control over all the other channels. Additionally, it will be holding the 50 per cent stake in the five regional GECs as an asset held for sale.
Source: http://www.indiantelevision.com/television/tv-channels/news-broadcasting/tv-18-completes-etv-channel-acquisition-140123
