Television

NDTV Profit to be shut down, to move business & finance segments on NDTV 24x7

MUMBAI: Its woes don't seem to be going away. Tax litigation, mounting losses, viewership decline, however, don't seem to be flagging the spirit at the Prannoy Roy-helmed NDTV. The show must go on is the motto. And to keep it going, the news network has announced plans that it will trim costs by shutting down its English business news channel NDTV Profit, come 5 June.

In a statement to the BSE, NDTV stated: NDTV has decided to transfer its business programming from Profit to regular business and finance segments on NDTV 24x7. This will mean suspending the current trading hours programming on Profit while Prime will continue as a channel.

The statement further read: "NDTV does not rule out reviving a business channel when the circumstances were appropriate. "For now, there will be high quality business and finance segments on NDTV 24x7 which will enhance viewer experience on NDTV 24x7 during daytime trading hours,” the company stated added.

NDTV, in a separate earlier communique to the BSE, stated that it has approved sale of stake in NDTV Ethnic Retail held by units -- NDTV Lifestyle Holdings, NDTV Convergence, NDTV Worldwide.

In the note, it says: "This is to inform you that the Board of Directors of the Company (NDTV), at its meeting held on 5 May, 201 7, inter-alia, considered and approved the following:

Subject to the approval of the shareholders of the Company to be obtained through passing of special resolution(s), sale/disposal of the entire equity stake owned and held by NDTV Lifestyle Holdings Limited, NDTV Convergence Limited and NDTV Worldwide Limited, each a material subsidiary of the Company in NDTV Ethnic Retail Limited, another material subsidiary of the Company, constituting approx. 99.92% of the total issued, subscribed and paid-up equity share capital of Ethnic, for INR 3.6518 per equity share to Nameh Hotels & Resorts Private Limited , a company incorporated in India under the provisions of the Companies Act, 1956.

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