MUMBAI: A year ago, one of India’s
leading media companies
announced that it was acquiring
the regional broadcast network;
yesterday it informed the stock
exchange that it had completed the
transaction. We are referring to
TV18 Broadcast, a subsidiary of
Network 18, which sent a note out
to the Bombay stock exchange that
it had successfully completed the
acquisition of the Ramoji Rao
promoted ETV network with effect
from 22 January 2014.
The channels were acquired at a
price of Rs 2,053 crore according to
the Share Purchase Agreement
which is well within the budget of
Rs 2,100 crore that was approved
by its board last year. The deal
resulted in it acquiring 100 per cent
of regional Hindi news channels ETV
Uttar Pradesh, ETV Madhya Pradesh,
ETV Rajasthan, ETV Bihar and ETV
Urdu and 50 per cent in ETV
Marathi, ETV Kannada, ETV Bangla,
ETV Gujarati and ETV Oriya. The
Telugu news and GEC channels ETV
Telugu and ETV Telugu News will,
however, see TV18 owning only
24.50 per cent equity.
TV 18 completes ETV channel acquisition | Indian Television Dot Com