India's Network18 jumps 5% after JV wins digital streaming rights for IPL

Network18 Media & Investments

15/06/2022 05:26

** Shares of Network18 Media & Investments Ltd  NEFI.NS 
rise as much as 5% to 76.5 rupees, post biggest intraday pct
gain since June 8
    ** Viacom18, in which Network 18 owns a 51% stake, won
digital streaming rights for the Indian cricket league IPL from
2023 to 2027  urn:newsml:reuters.com:*:nL1N2Y1131
    ** Launched in 2008, IPL is the world's richest cricket
league and counts top Indian industrialists and Bollywood stars
such as Shah Rukh Khan among its franchise owners
    ** Disney-owned Star India  DIS.N  retained the television
broadcast rights to IPL
    ** ViacomCBS owns a 49% stake in Viacom18 
    ** Network18 is controlled by billionaire Mukesh Ambani
    ** More than 469,400 shares change hands in early trade vs
the 30-day avg of 2.2 mln shares
    ** NEFI shares down 19.5% this year, as of last close

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))