TV Today Network, which owns news channels Aaj Tak and India Today TV (previously Headlines Today), has completed the acquisition of its sister concern Mail Today Newspapers Private Limited from its parent company Living Media Ltd. Mail Today was started as a joint venture between Living Media India and UK-based Daily Mail. The Daily Mail had owned around 26% stake in the company, which was the limit for FDI in newspapers in India. In 2013, TV Today had invested Rs 45.52 crore for a minority stake in Mail Today through direct subscription and purchases from existing shareholders. In December last year, when the company announced plans to acquire Mail Today, it said that "the total fair value loss (under Ind AS) in connection with the investment in Mail Today shares presently held by the Company, amounted to Rs 42.30 crores." Essentially, it wrote most of its investment off. According to filings, Mail Today had an authorised capital of Rs 135 crore, and a turnover of Rs 40.43 crore, and loss of Rs 6.01 crore for FY16. Its turnover for FY15 was Rs 35.31 crore, and FY14 was Rs 41.72 crore. In its last earnings filing, TV Today says "Mail Today is of strategic importance to the company and could bring significant content sharing synergies to the company." Here's how the acquisition transaction has worked: - Living Media India Limited (the parent company), owned 66.78% (valued at Rs 26.80 crores) of the total equity shares of Mail Today through its wholly owned subsidiary India Today Online Private…
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