Alongwith TV18 Broadcast, e-Eighteen.com Ltd will also be merged with Network18, the companies said through separate exchange filings.
e.Eighteen.com Ltd or E18 owns and operates moneycontrol website and application.
Under the proposed merger scheme, shareholders of TV18 Broadcast will get 100 shares of Network18 Media for every 172 shares held in the former.
Shareholders of E18 will receive 19 shares of Network18 Media for every 1 share held in the former.
The merger will enable Network18 to consolidate and further grow its business from a position of strength, the company said in a release.
The merged entity will comprise the television portfolio of TV18 consisting of 20 news channels in 16 languages and CNBCTV18.com, digital assets of Network18 comprising News18.com platform across 13 languages and Firstpost, as also moneycontrol website and application.Viacom18 with its portfolio of JioCinema and 40 TV channels will be a direct subsidiary of Network18. Network18 will continue to hold its investment in BookMyShow.
More to come….