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DEN Networks exits TV home shopping channel business

MUMBAI: It’s focusing on its core competence: cable TV distribution and broadband. Three years after it announced its intention to get into TV home shopping, the Samir Manchanda-promoted multi systems operator Den Networks Ltd is now exiting from it.

The company had launched a channel called DEN Snapdeal Home Shop in 2016 (in partnership with the ecommerce site) only to have its partner exit from it in March 2017.

DEN Networks has now signed a deal with Noida-based Vijender Singh promoted Pimex Broadcast under which the latter will be acquiring 100 per cent of Macro Commerce – the company which runs the home shopping channel. Singh is also one of the directors of Pantel Technologies which manufacture telephones, mobile handsets, and tablets and computers.

Pimex will take over all the existing liabilities and dues of Macro and both together aspire to be one of the significant players in the TV shopping business, says the DEN Networks press statement to the Bombay stock exchange (BSE). The name of DEN and Snap deal will be dropped off from the branding.

DEN has already made provisions for its investment in Macro in its books of accounts in the previous financial year and hence, there will not be any further impact in the profit and loss account, points out the company’s statement to the BSE.

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