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
