wordpress blog stats
Connect with us

Hi, what are you looking for?

Web18 To Be Merged Into Network18; To Settle With Nokia Growth Partners

As a part of its restructuring to consolidate its business into TV and other 'emerging' businesses, the Network18 group had last month, sought shareholder approval for merging its digital business owned by Web18, including in.com, cricketnext.com, ibnlive.com, biztech2.com, indiwo.com, josh18.com, tech2.com, buzz18.com, into Network18 Media & Investments Limited. The yellow pages business of Infomedia18 (which includes Burrp and AskMe.in) the demerged business of Television Eighteen India Limited, Television Eighteen Commoditiescontrol.com Limited, Care Websites Private Limited, RVT Investments Private Limited and Network18 India Holdings Private Limited will also be moved to Network18. However, e-eighteen.com Ltd, which owns PowerYourTrade.com and Web18's flagship Moneycontrol.com is, at present, not being merged. A Network18 spokesperson told MediaNama that "We don't own the complete shareholding in e-eighteen, and there's a court case going on. Until that gets disposed off, we cant merge it." However, e-eighteen Ltd will be a subsidiary of Network18. What This Means For Web18 Stakeholders - No IPO in the near future: With all the assets of Web18 being transferred to Network18, Web18 will cease to be a separate entity. Which means that the NASDAQ registration for Web18 comes to naught. The Network18 spokesperson, however, said that there will be no listing at this stage, but nothing stops the company from hiving off the business in the future, and looking to list it again. - Nokia Growth Partners had apparently invested $10 million in Web18 in 2009. The Network18 spokesperson told MediaNama that they will settle with NGP, but declined to comment on details. Tracer…

Please subscribe/login to read the full story.
Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

Free Reads

News

During a recent discussion organized by the Council for Strategic and Defence Research, Berges Malu, the senior director of public policy and communications at...

Drones Drones

News

Once the system receives the required validation, five more such MDVs will be introduced into the Commissionerate Police fleet

News

The lure of Grok AI to Premium X Subscribers might let Musk salvage the decline in the social media usage in recent times.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ