India's TV18 Broadcast soars on report Murdoch in talks to buy stake

TV18 Broadcast

27/01/2022 06:37

** Shares of the television channel operator  TVEB.NS  surge
as much as 20% to hit an upper circuit at 58.50 rupees, post
their biggest intraday pct gain since August 2009  
    ** Media scion James Murdoch and former Star & Disney India
chairman Uday Shankar plan to take nearly 40% stake in Viacom18,
a joint venture between Reliance Industries' TV18 Broadcast and
ViacomCBS, local media reports https://bit.ly/3o1Udfi
 
    ** Reliance said it does not comment on media speculation
and rumours. Viacom18 did not immediately respond to Reuters'
request for comment, while Murdoch and Shankar's investment
company Lupa India could not be reached  
    ** Deal to include primary and secondary infusion of over
120 bln rupees ($1.60 bln) in Viacom18 from the investors at a
valuation of around $4 bln, Economic Times reports, citing an
unnamed source 
    ** TVEB stock rises to its highest since June 13, 2018     
    ** More than 35 mln shares traded by 0530 GMT, 2.7x times
their 30-day avg
    ** Up to last close, TVEB had risen 8.7% this year vs a 2.1%
fall in the Nifty Media index  .NIFTYMED  
    
($1 = 75.1525 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))