Delhi-based Den Networks will not consolidate its business with other entities due to delays in implementation, the cable TV distribution firm said on Wednesday.
Under the scheme, TV18 Broadcast, Hathway Cable & Datacom and Den Networks were to merge into Network18 Media & Investments.
“Considering that more than a year has passed from the time the board considered the scheme, the company has decided not to proceed with the arrangement,” Den Networks said in a filing on Wednesday.
Last year in February, billionaire tycoon Mukesh Ambani-owned Reliance Industries announced plans to consolidate its media and distribution businesses -- TV18 Broadcast, Hathway Cable, Datacom and Den Networks -- into its TV business Network18 Media & Investments.
Network18's portfolio includes VH1, Nickelodeon, MTV, CNBC TV18 and a range of other local language channels, as well as news portals such as Firstpost and Moneycontrol and news channels CNN-News18 and CNBC TV18.
Delhi-based Den Networks, which has the largest cable TV subscriber base, was founded in 2007 by its managing director and chairman Sameer Manchanda. The company has a reach across 13 million households in 13 states in India.
