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 to MediaNama. Don't share prints and PDFs.
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...