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Network18 Sells Stake in NewsWire18 For Rs 90 Cr To Samara Capital

Network18 has inked a definitive agreement with the private equity firm Samara Capital to offload its entire stake in its financial data and news terminal business NewsWire18 for Rs 90 crore. The company noted that this divestment is in line with its strategy of offloading non-core assets profitably to focus on its core television and digital business and stated that BMR Advisors acted as the sole transaction adviser to Network18. As per the agreement, Network18 stated that NewsWire18 will be rebranded over the next 90 days and this transaction is expected to add Rs 70 crore to its consolidated pre-tax profit for the current quarter. Network18 was previously the majority stakeholder in NewsWire18 and held 77.5% stake in the company as of March 31, 2012, as indicated by the Network18's 2012 annual report. NewsWire18 provides real time financial news and data terminal services under the brand NewsWire18 WorkStation and offers news and market data platforms for different market segments including fixed income and foreign exchange, equities, commodities, mutual funds among others. It includes data and products from various stock exchanges, third party data vendors and Morningstar Plc (erstwhile Tenfore Pvt. Ltd). The company also claims to provide data feeds for real-time financial and economic data & news which includes corporate and macroeconomic data and related services. Other products offered by NewsWire18 include Excel based add-ins NW18 MarketWatch and StockScreener, a customized news-only product NewsFlash, a browser based workstation iStation, and a messenger product NW18 Messenger - iPresence. As for clientele, NewsWire18 claims to have most of the mutual funds, insurance companies…

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