TV18 Broadcast rose 3.43% to Rs 24.10 and Network18 Media & Investments rose 2.93% to Rs 29.90 on reports that billionaire Mukesh Ambani is planning to sell his news media assets to Times Group.
According to reports, billionaire Mukesh Ambani is in talks to sell his news media assets to India’s Times Group. Bennett Coleman & Co., the publisher of the Times of India, is looking to hire advisers for due diligence on the news properties of Ambani’s Network18 Media & Investments, reports added. Ambani is considering various options, ranging from an outright exit to a stake sale.
Ambani’s plan to dispose of his news assets comes as he reportedly pursues talks to sell a stake in Network 18’s entertainment division that encompasses various movie, music and comedy channels to Japan’s Sony Corp.
Meanwhile, the S&P BSE Sensex was up 38.04 points or 0.09% at 41,058.65.
The Nifty Media index was down by 0.73% to its current 1,868.25, underperforming the Nifty50 index which rose 0.14% to its current 12,117.35.
TV18 Broadcast, formerly IBN18 Broadcast, is engaged in television broadcasting networks. The firm operates news channels, such as CNBC-TV18, CNBCAwaaz, CNBC Bajar, CNBC-TV18 Prime HD, CNN-News18, News18, IBN7 and IBN-Lokmat.
Network18 Media & Investments is engaged in the advertisement and sponsorship, magazines advertisement and mobile short messaging and mobile advertisement. Its segments include media operations, film production and distribution and others. It has interests in television, Internet, filmed entertainment, e-commerce, magazines, mobile content and allied businesses.―Business Standard