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MUMBAI:
Network 18 Media and Investments said it has received board's
approval for divesting its stakes in Yellow Pages and AskMe
as part of its plan to monetise non-core assets profitably.
AskMe
is Mumbai's leading local search engine which allows online
and telephonic search for companies, products and services
while Yellow Pages is an online business directory that helps
buyers find businesses.
The
Raghav Bahl-promoted Network18 had earlier sold its entire
77.5 per cent stake in news terminal business NewsWire18 to
private equity firm Samara Capital for Rs 900 million.
Before
that the company had divested its 20 per cent stake in entertainment
ticketing website Bookmyshow.com to venture capital firm Accel
Partners for Rs 500 million. Network18's stake in the ticketing
website's holding company Bigtree dropped to 40 per cent post
the stake sale.
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