Japan's Sony in talks to buy stake in India's Network18 Media - Bloomberg (updated)

TV18 Broadcast

21/11/2019 05:36

(Adds share movement, background)
    Nov 21 (Reuters) - Japan's Sony Corp  6758.T  is in talks to
acquire a stake in Indian billionaire Mukesh Ambani's TV
business, Network18 Media & Investments Ltd  NEFI.NS , Bloomberg
reported on Thursday.
    Sony is doing the due diligence and considering several
potential deal options, Bloomberg reported, citing people
familiar with the matter.
    Ambani's Reliance Industries  RELI.NS  and Sony did not
immediately respond to Reuters requests for comment.
    Network18 Media & Investments Ltd  NEFI.NS  shares rose as
much as 18.25% to their highest since June 13 and TV18 Broadcast
Ltd  TVEB.NS  shares were up 4% on the report of the talks.
    Network18's channel portfolio include VH1, Nickelodeon, MTV,
CNBC TV18, and a range of other local language channels, along
with news portals like Firstpost and Moneycontrol. 
    The media company also has a broad suite of news channels
including CNN-News18, CNBC TV18, and other regional language
news channels that together held over a 10% share in TV news
viewership in India in fiscal 2018-19, according to its annual
report. 

 (Reporting by Sabahatjahan Contractor in Bengaluru, Additional
Reporting by Sethuraman N R in Bengaluru; Editing by Subhranshu
Sahu and Shailesh Kuber)
 ((Sabahatjahan.Contractor@thomsonreuters.com; within U.S. +1
646 223 8780;))