wordpress blog stats
Connect with us

Hi, what are you looking for?

How Reliance Industries acquired Network18: A detailed timeline of events

(by Vikas SN and Nikhil Pahwa) Reliance Industries, today, announced plans to acquire the Network18 and TV18, initiate open offers for acquisition of shares. This follows resignations from Network18's group CEO, COO and CFO since yesterday. The process of acquisition of Network18 began in January 2012. An overview of significant events in Network18 over the last year or so, leading up to the RIL acquisition: (Note: we'll keep updating this post as fresh developments emerge). January & March 2012 In short: Independent Media Trust (IMT), a trust set up by Reliance Industries, agreed to fund the Promoters of Network18 and TV18, which allowed them to subscribe to a part of a proposed Rs 5400 crore Rights Issue announced by Network18 and TV18. Funds from this issue would partly be used to pay debt (Rs 2050 crore), and partly to buy stake held by RIL in the ETV group channels. The details: The IMT subscribed to Zero Coupon Optionally Convertible Debentures (ZOCD) in RB Mediasoft Pvt Ltd, RRB Mediasoft Pvt Ltd, RB Media Holdings Pvt Ltd, Aventure Marketing Pvt Ltd, Watermark Infratech Pvt Ltd, Colorful Media Pvt Ltd, all owned and controlled by Raghav Bahl. Before the subscription, Raghav Bahl and his affiliates controlled 40% in Network18. IMT had an option to convert the debentures into equity shares before 10 years. As a part of the terms of subscribing to the debentures, RIL subsidiary Infotel Broadband got preferential access to Network18′s content from all its media and web properties and TV18′s programming and digital content of…

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

Paytm has tried to distance itself from Paytm Payments Bank due to the regulatory scrutiny.

News

This amendment widens the scope of those allowed to delete records pertaining to the direction of interception from law enforcement bodies to other authorities...

News

Pensioners can now use bank passbooks instead of mobile or Aadhaar for identity verification.

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

Views

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?...

News

RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.

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