Television

Network18 denies asset sales to Times Group in BSE filing

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MUMBAI: Network 18 has dismissed media reports of its asset sales to Times Group, calling the story “false and malicious,” in its latest Bombay Stock Exchange (BSE) filing.

“We refer to your email...seeking clarification on news item ‘Network18 denies reports on assets sale to Times Group,” Network18 said in its statement to BSE.

“We reiterate that the report of a sale of Company's news assets is false and malicious,” the statement added.

The said article appeared in Livemint on 29 November. The article had quoted an earlier Bloomberg report that said Bennett Coleman and Co, or Times Group, is looking to hire advisers for due diligence on the news properties of the Mukesh Ambani-owned company (Network18), where options range from an outright exit to a stake sale. Talks, however, may not translate into a deal, as more suitors may emerge, it added.

Earlier in November, there were media reports that Reliance was in talks with Japan’s Sony Corp for a stake sale in Network18 Media and Investments Ltd.

Network18 has vehemently denied these media reports.

“Reliance Industries firmly denies (the) story. The story is baseless and false,” a company spokesperson said on 2 December.

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