Mukesh Ambani-backed news media business is consolidating its television and digital news arms under a singular banner. Network18 Media & Investments Ltd announced on Wednesday that TV18, which runs various national and regional news channels, along with E-eighteen.com Ltd, which owns and operates the moneycontrol app and website, will merge with Network 18.
TV18 Broadcast is a 51.17 per cent subsidiary of Network18. TV18 operates six news channels and 14 regional news channels in India. “The proposed scheme will consolidate TV and digital news businesses of the Network18 group in one company, and will help create India’s largest platform-agnostic news media powerhouse with the widest footprint across languages, straddling both TV and digital. It will enable Network18 to consolidate and further grow its business from a position of strength. This will present a unique opportunity to all shareholders to participate in the media business of the group through one listed entity,” the noted.
Network18 also owns Firstpost, News18, Cnbctv18.com. This comes even as the Adani Group is venturing into the news media space through the acquisition of NDTV.