Reliance's Media and Distribution Businesses to merge into TV unit
By MYBRANDBOOK
Reliance Industries has announced that it will consolidate its all media and distribution businesses under one brand ''Network18''. TV18 Broadcast, Hathway Cable & Datacom and Den Networks will come under Network18 Media & Investments. It will be an integrated media and distribution company worth Rs. 8,000 crore.
The restructuring will create value-chain integration, and render substantial economies of scale. It also simplifies the corporate structure of the group by reducing the number of listed entities, said a statement by TV18 Broadcast.
"Reliance Industries announced a consolidation of its media and distribution businesses spread across multiple entities into Network18," the statement said.
Network18 will become "one of the largest listed players in the sector", it added.
The merger will take place on February 1, 2020.
The board of directors of the respective companies approved the scheme of amalgamation and arrangement at their meetings, it added. "The broadcasting business will be housed in Network18 and the cable and ISP (Internet Service Provider) businesses in two separate wholly owned subsidiaries of Network18," it added.
Besides, the consolidation of cable businesses of Den and Hathway in one entity will leverage the "combined strength of 27,000 local cable operator (LCO) partners who act as the touchpoints to 15 million households in India," it added.
The combined broadband entity will also serve one million wireline broadband subscribers across the country.
Besides, shareholders of all the four companies will also benefit from streamlining of operations and strategy, focused management, and reduction of risk through consolidation, it added. This would be done through share change ratio.
According to the scheme, for every 100 shares of TV18, Hathway and Den, their shareholders would get 92, 78 and 191 shares, respectively, of Network18.
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