The Bloomberg file had quoted people acquainted with the matter to say that Bennett Coleman & Co, the publisher of the Times of India, is trying to hire advisers for due diligence at the news houses of Ambani's Network18 Media & Investments Ltd.
Billionaire Mukesh Ambani’s Reliance Industries on Thursday denied reports of promoting its information media commercial enterprise to Times Group.
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Bloomberg early on Thursday reported that Ambani “is in talks to sell his information media property to India’s Times Group, as Asia’s richest guy plans to unload a enterprise that’s been dropping money”.
“Reliance Industries firmly denies (the) tale. The story is baseless and false,” a organization spokesperson said.
The document had quoted human beings familiar with the problem to say that Bennett Coleman & Co, the writer of the Times of India, is seeking to hire advisers for due diligence at the news homes of Ambani’s Network18 Media & Investments Ltd.
Bennett Coleman’s spokesperson couldn’t be immediately reached for remarks.
Reliance had in 2014 bought Network18, which owns and operates 56 local channels spanning news and enjoyment, for as much as Rs 4,000 crore.
Network18 owns TV channels (which include CNBCTV18, CNN-IBN, CNN Awaz), web sites (firstpost.Com, moneycontrol.Com), magazines (inclusive of the license for Forbes India), entertainment channel (Colors and MTV) among different companies.
Unlisted Bennett Coleman, additionally known as the Times Group, already has two news channels — Times Now (for trendy news) and ET Now (the business news channel) which compete with Network18’s popular news channel News18 and business information channel CNBCTV18.
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TV18 Broadcast Ltd – the BSE-listed organization that houses the information channels – has a marketplace cap of approximately Rs 4,100 crore. Promoters preserve 60.40 consistent with cent hobby in the employer which had inside the July-September quarter said a net loss of Rs 1.03 crore. It had a income of Rs 8.5 crore in 2018-19 economic.
Last month, Reliance in its consolidated income assertion for the July-September zone reported a Rs 47 crore pre-tax benefit from its media business on a sales of Rs 1,174 crore.
“Robust 43 per cent increase in subscription profits submit-implementation of new tariff order (NTO) became offset by way of a susceptible advertising surroundings,” it had said. “News portfolio solidified its leadership with a ten.Nine according to cent viewership percentage. Broad-primarily based cost optimizations caused Entertainment Business-as-regular (BAU) margins growing to twelve.9 in step with cent, vs 9.9 per cent in 2Q FY19.”
Billionaire Mukesh Ambani’s Reliance Industries on Thursday denied reports of promoting its information media commercial enterprise to Times Group.
Advertising
Bloomberg early on Thursday reported that Ambani “is in talks to sell his information media property to India’s Times Group, as Asia’s richest guy plans to unload a enterprise that’s been dropping money”.
“Reliance Industries firmly denies (the) tale. The story is baseless and false,” a organization spokesperson said.
The document had quoted human beings familiar with the problem to say that Bennett Coleman & Co, the writer of the Times of India, is seeking to hire advisers for due diligence at the news homes of Ambani’s Network18 Media & Investments Ltd.
Bennett Coleman’s spokesperson couldn’t be immediately reached for remarks.
Reliance had in 2014 bought Network18, which owns and operates 56 local channels spanning news and enjoyment, for as much as Rs 4,000 crore.
Network18 owns TV channels (which include CNBCTV18, CNN-IBN, CNN Awaz), web sites (firstpost.Com, moneycontrol.Com), magazines (inclusive of the license for Forbes India), entertainment channel (Colors and MTV) among different companies.
Unlisted Bennett Coleman, additionally known as the Times Group, already has two news channels — Times Now (for trendy news) and ET Now (the business news channel) which compete with Network18’s popular news channel News18 and business information channel CNBCTV18.
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TV18 Broadcast Ltd – the BSE-listed organization that houses the information channels – has a marketplace cap of approximately Rs 4,100 crore. Promoters preserve 60.40 consistent with cent hobby in the employer which had inside the July-September quarter said a net loss of Rs 1.03 crore. It had a income of Rs 8.5 crore in 2018-19 economic.
Last month, Reliance in its consolidated income assertion for the July-September zone reported a Rs 47 crore pre-tax benefit from its media business on a sales of Rs 1,174 crore.
“Robust 43 per cent increase in subscription profits submit-implementation of new tariff order (NTO) became offset by way of a susceptible advertising surroundings,” it had said. “News portfolio solidified its leadership with a ten.Nine according to cent viewership percentage. Broad-primarily based cost optimizations caused Entertainment Business-as-regular (BAU) margins growing to twelve.9 in step with cent, vs 9.9 per cent in 2Q FY19.”
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