Reliance Industries Ltd (RIL) on Monday said it has taken control of Network 18 Media & Investments Ltd and its subsidiary TV18 Broadcast Ltd, besides appointing HDFC chairman Deepak Parekh as an independent director on the Board of the media and entertainment firm.
RIL has also appointed McKinsey senior advisor Adil Zainulbhai as independent director and Network 18 Media & Investments (NW18) former promoter Raghav Bhel as a non-executive director on the NW18 Board.
"Independent Media Trust (IMT) of which RIL is the sole beneficiary has completed the acquisition of control of Network 18 Media and Investments Ltd and its subsidiary TV18 Broadcast Ltd," the company said in a statement.
With the completion of this transaction, IMT and RIL have become promoters of NW18 and TV18.
On May 29, RIL announced that it will acquire control in Network 18 Media & Investments Ltd, including its subsidiary TV18 Broadcast Ltd, for Rs 4,000 crore (Rs 40 billion).
The company had said its Board approved funding of up to Rs 4,000 crore (Rs 40 billion) IMT for acquisition of control in Network 18 Media & Investments Ltd (NW18), including its subsidiary TV18 Broadcast Ltd (TV18). The funding amount includes those required for open offers.
NW18 is the owner of a suite of digital internet properties, e-commerce businesses and differentiated broadcast content including In.com, IBNLive.com, Moneycontrol.com, Firstpost.com, Cricketnext.in, Homeshop18.com, Bookmyshow.com; the broadcast channels include Colors, CNNIBN, CNBC TV18, IBN7, CNBC Awaaz.
In January 2012, Network18 Group and Reliance Industries had joined hands for a multi-layered deal, under which the Mukesh Ambani—led corporate giant would sell part of its interest in ETV channels and would get access to content and distribution assets of the electronic media group.