RIL consolidates media biz: TV18, Hathway and DEN to merge into Network18
Mukesh Ambani -led Reliance Industries (RIL) on Monday said it was consolidating its media and distribution business spread across multiple entities into Network18 . This will pave the way for a Rs 8,000-crore company, second only to Star India, now acquired by Disney, which remains the largest media company in the country with revenue of Rs 12,341 crore (in 2018-19). Under the scheme of arrangement, TV18 Broadcast, Hathway Cable & Datacom, and DEN Networks would merge into Network18, RIL said, with the appointed date for the merger being February 1. The scheme will also simplify the corporate structure of the group by reducing the number of listed companies. RIL’s stake in Network18 would reduce to 64 per cent, from 75 per cent, following the merger. While the broadcasting business, RIL said, would be housed in Network18, the cable and distribution business would sit in two separate wholly owned subsidiaries of Network18. Read More