Media group Network 18 has acquired its group investment advisory business Capital18 Media Advisors Pvt Ltd. The acquisition has been made on a going concern basis. Its related contracts and employees have also been acquired. The acquisition would be effective from January 01, 2009.
Capital18 Media Advisors is the investment adviser for Capital18 Mauritius Ltd. Capital18 is the media group’s investment arm focused on investing in media, technology and entertainment. It has invested in various media companies like Ubona, 24/7 Learning, Webchutney, multiplex company Star Gaze and Networkplay.in.
What does the acquisition mean? Sarbvir Singh, CEO of Capital18, said that the acquisition does not change anything tangibly, and they would continue to look at external investors. "It does not change our life in any way. Our goal remains to make good investments, help our portfolio companies grow their businesses and eventually get to an exit. If we are successful in doing the above then we will be able to attract external investors," Singh said in an email to VCCircle.
Network18 is one of leading media companies in India and runs news channel like CNBC-TV18 and CNBC Awaaz, internet portal Web18 and financial news terminal- Newswire18.
Shares of Network 18 Media & Investments were trading at Rs 74.20, down 1.13% in the afternoon trade on the BSE on Monday.