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Illustration: Binay Sinha
Reliance Industries is a majority stakeholder in Disney India, holding about a 16 per cent stake in the company, and Viacom18 (another Reliance venture) holding 46 per cent.
Network 18 Media and Investments surged to an intraday high of Rs 86.56 per share, rising 9.4 per cent, while TV18 Broadcast shares soared 5.6 per cent at Rs 44.80 per share on the NSE.
The merger of Reliance Industries’ media assets and the India business of global media giant Walt Disney is expected to be completed by the end of the third quarter of this fiscal, as per a regulatory filing by Mukesh Ambani’s group. The merger is set to create the country’s largest media empire worth over Rs 70,000 crore, according to reports.
The Competition Commission of India (CCI) has already approved the merger of Viacom18 and Star India, with the National Company Law Tribunal (NCLT) sanctioning the scheme.
The merger of Reliance’s media entities, TV18 Broadcast and E18, with Network18 Media & Investments was sanctioned by the NCLT and made effective on October 3.
“The companies are in the process of obtaining other requisite approvals for the completion of the transaction and transaction closer is expected in 3QFY 25,” informed Reliance Industries on Monday in its quarter earning statement.
Network 18 Media and Investments has a total market capitalisation of Rs 2,133.20 crore. Its shares are trading at a price to earnings multiple of -29.43 times and at an earning per share of Rs -2.69.
Meanwhile, TV18 Broadcast has a total market capitalisation of Rs 7,611.76 crore. Its shares are trading at a price to earnings multiple of 172.41 times and at an earning per share of Rs 0.25.
At 10:10 AM, the share price of Network 18 Media and Investments was trading 6.86 per cent higher at Rs 83.53 per share, while TV18 Broadcast shares advanced 4.95 per cent at Rs 44.51 a piece on the NSE. By comparison, the NSE’s Nifty50 dipped 0.29 per cent at 25,056 level.
First Published: Oct 15 2024 | 10:25 AM IST
