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Dec 03, 2012, 02.07 PM IST | Source: Moneycontrol.com

Network 18 Media to sell its shareholding in Newswire18 for Rs 90 cr

Network 18 Media to sell its shareholding in Newswire18 for Rs 90 cr

Network18 announced that it has entered into a definitive agreement with Samara Capital to divest its entire stake in India’s premier financial data and news terminal business –NewsWire18. This is in line with its stated objective of divesting non-core assets profitably to allow greater focus on its core television and digital businesses. The total transaction will result in proceeds of Rs. 90 crore for Network18 in consideration for divesting its entire stake in the business. The transaction is expected to add approximately Rs 70 crore to Network18’s consolidated pre-tax profit for the current quarter.Source : BSE

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