Reliance Industries Limited to consolidate media, distribution entities under Netwrok18 Media and Investments.
Mukesh Ambani-led Reliance Industries is consolidating its media and distribution properties under a single entity - Network18 Media & Investments with a revenue of ?8,000cr ($1,122m).
Under the scheme of arrangement, TV18 Broadcast, Hathway Cable & Datacom and Den Networks will merge into Network18 Media & Investments. [Moneycontrol]
The restructuring will create value-chain integration and render substantial economies of scale. It also simplifies the corporate structure of the group by reducing the number of listed entities, said a statement by TV18 Broadcast Ltd.
Shares of Network 18 Media and Investments rose 4.87% to ?30.15, TV18 Broadcast rose 14.77% to ?28.75, Den Networks was up 9.97% and Hathway Cable & Datacom surged 20% on the back of the announcement. [CNBCTV18]
Hand-curated Business News from Top Publishers & Platforms, Richly Crafted to Fit into One Wholesome Email. Subscribe Now to receive a nuanced 360 Degree account of key events from the World of Business and Finance every day.