TV Today to consolidate news biz of Mail Today with channel biz

The TV Today Network Board has approved the acquisition of equity shares of Mail Today Newspapers from its other shareholders as well as reorganisation of its radio business. The decision was taken at TV Today board meeting held on December 12, 2016, the BSE was informed. 

Living Media India holds 66.78 per cent of the total equity shares of Mail Today through its wholly-owned subsidiary, India Today Online Pvt Ltd (ITOPL) and for the purpose of this acquisition, shall transfer all equity shares of ITOPL to the company by way of a gift. AN (Mauritius), the other shareholder holding 25.21 per cent of the equity shares of Mail Today, shall transfer all the shares held by it in Mail Today by way of gift, which shall result in Mail Today becoming a wholly-owned subsidiary of the company. 

In its letter to the BSE TV Today Network mentioned that the fair value of the Mail Today shares to be acquired by the company by way of gift amounted to Rs 32.92 crore as at March 31, 2016 (Rs 26.80 crore is the fair value of shares held by Living Media India and Rs 10.12 crore is the fair valus of shares held by AN Mauritius). 

The total fair value loss, under Indian Accounting Standards, in connection with the investment in Mail Today shares presently held by the company amounted to Rs 42.30 crore. 

Reorganisation of radio business 

Meanwhile, the TV Today Network Board has also approved the acquisition of 100 per cent of the issued and paid-up capital of Vibgyor Broadcasting for the purpose of reorganising its radio business by transferring its radio business through slump sale.

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