HT Media is set to acquire Mosaic Media Ventures, which operates VCCircle and TechCircle from media major News Corporation. The company said this was a strategic acquisition of an emerging company with an aim to drive synergies across businesses.

In a BSE filing, HT Media said, “The Board of Directors, in a meeting held on July 28, accorded approval to invest up to ₹6 crore post working capital adjustment, and revenue linked milestones payment up to ₹1 crore on deferred basis, to acquire 100 per cent of paid up share capital of Mosaic held by NWS Digital Asia PTE Ltd and News Corporation subject to finalisation of definitive agreements.”

Mosaic Media Ventures, which was incorporated in 2007, was acquired by News Corporation in 2015. Last year, the government had announced a 26 per cent FDI cap for digital media companies that upload and stream news and current affairs.

In the regulatory filing, the media company said it aims to unlock cost and revenue synergies through this acquisition. It plans to scale VCCircle and TechCircle to augment Mint ’s tech and deals content editorial capabilities. It will also use Hindustan Times ’ reach to augment VCCircle’s events business and scale up the database and research business. The company expects to complete the acquisition before August 30.

The total turnover of Mosaic Media Ventures in FY20 stood at ₹14.5 crore. Besides operating new platforms VCCircle and TechCircle, Mosaic Media Ventures provides subscription-based research databases (VCCEdge and SalesEdge) and also has a presence in the events business.

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