India's TV18 Broadcast to merge with Network18 in $1.2 bln all-stock deal (updated)

Network18 Media & Investments

06/12/2023 14:22

(Adds details throughout)
       BENGALURU, Dec 6 (Reuters) - India's TV18 Broadcast
 TVEB.NS  will merge with Network18 Media & Investments
 NEFI.NS  in an all-stock deal worth 98.13 billion rupees ($1.18
billion), the two Reliance-owned companies said on Wednesday.
    The deal will consolidate the Mukesh Ambani-owned Reliance's
broadcast and digital businesses, which include business news
portal Moneycontrol and streaming platform JioCinema, and reduce
costs, they said in an exchange filing.
    Network18 will issue 100 shares for every 172 shares of
TV18, the companies said, valuing the latter at 57.24 rupees per
share – a 1.9% premium to its closing price on Wednesday.

($1 = 83.3170 Indian rupees)

 (Reporting by Ashna Teresa Britto; Editing by Sohini Goswami)
 ((AshnaTeresa.Britto@thomsonreuters.com;))