Television

TV18 finalises media business consolidation

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MUMBAI: Television Eighteen India Ltd has finalised the scheme for consolidating its media businesses, the preliminary details of which were approved by its board on 12 October.

Existing shareholders of TV18, holding 10 shares of face value Rs 10 each, would now be allotted 12 shares with a face value of Rs 5 each in Network 18 and 14 shares of Rs 5 each in TV18. This is based on the share swaps recommended by the experts. KPMG India Pvt Ltd provided valuation guidance for the scheme of restructuring, while BMR & Associates acted as transaction and financial advisors.

Business news operations (including 'Awaaz' and 'CNBC-TV18') is being consolidated in TV18, whereas Network 18 India Holdings Ltd (Network 18 - proposed name of the listed holding company) will hold majority stakes in TV18 and in the channel 'CNN-IBN'. TV18 would also hold a portfolio investment stake in CNN-IBN, whose value could be realised at an opportune time. The restructuring would enable the Group to comply with the uplinking guidelines of the government.

The Group will now approach the stock exchanges for mandatory clearances and apply to the Delhi High Court for sanction of the scheme, TV18 informed BSE today.

Following the sanction, the revised structure would leave TV18 with a share capital of 52.41 million shares with a face value of Rs 5 each, and Network 18 would have a share capital of 50 million shares with a face value of Rs 5 each. After the restructuring, Network 18 will approach the markets with a public offering to raise money for further growth as well as facilitate efficient price discovery. 

Hitherto, Hindi consumer channel CNBC Awaaz and general news English channel CNN IBN were held in promoter entities and were legally not part of the listed company due to restrictions on uplinking guidelines of news channels from India.

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