Network 18 Media & Investments will look to sell a stake in its business directories - Yellow Pages and ASK Me - a move inline with the media firm‘s strategy to monetize its non-core assets profitably.
Network18 Media and Investments has set itself a six-12 month timeline to pare losses in its digital commerce business. Sarbvir Singh, head of investments, Network18, says the group will consider stake sales in non-core businesses so as to focus better on the main operations.
In an interview with CNBC-TV18, Sai Kumar, group CEO of Network18 said the company has diluted 20% stake at primary and secondary ends and has made a profit of Rs 45 crore from the transaction. Moreover, the CEO is hopeful of more such announcements in the next six to nine months.
The first mover in the entertainment e-ticketing business in India. Ashish Hemrajani launched bookmyshow.com in 1999. A virtual box office that allows users to book their movie shows at a click of the button.