Mumbai – The Board of Reliance Industries Limited (RIL) approved funding of up to Rs 4,000 crore to Independent Media Trust (IMT) on May 29, of which RIL is the sole beneficiary, for acquisition of control in Network 18 Media & Investments Limited (NW18) including its subsidiary TV18 Broadcast Limited (TV18) and the Open Offers to be made consequent to the acquisition.

NW18 is the owner of a suite of premier digital internet properties, e-commerce businesses and differentiated broadcast content.

IMT would use the funds to acquire control over NW18 and TV18 resulting in ownership of about 78% in NW18 and 9% in TV18 and to acquire shares tendered in the Open Offers.

Further, in terms of SEBI (Substantial Acquisition and Takeover Regulations), 2011, IMT would be making Open Offers to public shareholders for acquisition of equity shares of NW18, TV18 and Infomedia Press Limited. IMT would be simultaneously making the Public Announcement under Takeover Regulations. RIL would be a Person Acting in Concert to the Open Offers.

This acquisition will differentiate Reliance’s 4G business by providing a unique amalgamation at the intersect of telecom, web and digital commerce via a suite of premier digital properties. This suite includes In.com, IBNLive.com, Moneycontrol.com, Firstpost.com, Cricketnext.in, Homeshop18.com, Bookmyshow.com; the broadcast channels include Colors, CNN IBN, CNBC TV18, IBN7 and CNBC Awaaz.