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The Aditya Birla Group is close to finalising its deal to buy a stake in Living Media, which is the parent company of TV Today, sources close to the development said.
Sources said that the deal is expected to be inked between the two companies within the next few days.
On Monday, the share price of TV Today Network, the only listed entity of the India Today group, surged by nearly 15 per cent on market speculation that the metals to textiles group is buying a stake in Living Media. Living Media owns 57.1 per cent in TV Today Network.
TV Today denial
TV Today Network, however, clarified on the BSE that it is not aware of any such transaction and is not in a position to confirm the contents of the media reports.
But market sources said that the deal is expected to be announced shortly and the Aditya Birla Group is expected to invest Rs 300-350 crore for a stake in the media group.
Mr Ashish Bagga, CEO, Living Media, could not be reached for a comment. E-mails sent to Mr Bagga, as well as group Chairman Mr Aroon Purie, went unanswered.
The official spokesperson for Aditya Birla Group said that the company does not comment on market speculation.
According to a media analyst who did not wish to be identified, the company has had talks with several corporates, including Mr Mukesh Ambani-led Reliance Industries. His brother, Mr Anil Ambani's Reliance Group holds a stake in TV Today.
Sources also said that the group has been undergoing a restructuring where the India Today Group has sold some physical assets in cities such as Mumbai.
On Friday, TV Today's share price closed at Rs 64.55 down 5.28 per cent.
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