Network 18, TV 18, and E18 merger get NCLT approval

18 Sep 2024 , 12:52 PM

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the merger of TV18 Broadcast and e-Eighteen.com (E18) into Network18 Media and Investments, sponsored by Reliance Industries Ltd (RIL).

The decision comes ahead of the merger of RIL with Walt Disney’s India media companies to become the country’s largest media and entertainment conglomerate, which was recently approved by the Competition Commission of India (CCI) and the National conglomerate Law Tribunal.

E18 and TV18 will be dissolved without being wound up once the Ministry of Information and Broadcasting (MIB) approves their merger with Network18.

In an order dated September 5, the NCLT directed all the companies to file copies of the order and scheme with the Registrar of firms within 30 days, and with the Superintendent of Stamps for adjudication of any stamp duty payable within 60 days.

It also directed other regulatory agencies to act based on verified copies of the order and plan.

TV18 is a publicly traded company that owns a 13.54% stake in Viacom18, which is in the process of merging with Disney Star India. E18 is an unlisted subsidiary of Network18, and owns the news web Moneycontrol.

According to a recent report, Viacom18 accounts for nearly 80% of Network18’s consolidated revenue. However, after Viacom18’s acquisition by Star India, Network18’s size and scale will be trimmed drastically, according to the company.

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