Financial Daily from THE HINDU group of publications
Thursday, Aug 14, 2003
Financial Daily from THE HINDU group of publications Thursday, Aug 14, 2003 |
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Corporate
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Mergers & Acquisitions Industry & Economy - Radio/TV TV18 hikes stake in CNBC joint venture Our Bureau
Mumbai , Aug 13 TELEVISION Eighteen Ltd (TV18) has announced that it has concluded its arrangement with CNBC Asia Pacific (CNBC AP), resulting in TV18's stake in CNBC-TV18 going up to 90 per cent. CNBC AP will hold a 10 per cent strategic stake in TV18's unlisted channel broadcast subsidiary. The stake increase from the earlier level of 49 per cent will be virtually cash neutral for TV18. Besides the 10 per cent strategic stake, the agreement also includes a definitive 15-year franchise arrangement for the CNBC brand. The entire arrangement is subject to obtaining requisite regulatory approvals. TV18 will be hiving off the channel's operations into its existing unlisted subsidiary, iNEWS.com Ltd in which CNBC AP will take a 10 per cent stake in this entity. Necessary approvals from shareholders and regulators for implementing this structure will be sought shortly. TV18 has budgeted an extraordinary, non-cash restructuring charge in the region of Rs 15 crore in relation to its existing Mauritius subsidiary.
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