NEW DELHI: HT Media, today, announced is all set to acquire Mosaic Media Ventures, which was incorporated in the year 2007 and operates news platforms including VCCircle, TechCircle. It provides subscription-based research databases.  

In a BSE filing, HT Media said, “The board of directors at its meeting held on 28 July 2020 accorded approval to invest up to Rs six crore post working capital adjustment and revenue linked milestones payment up to Rs one crore on a deferred basis, to acquire 100 per cent of paid-up share capital of Mosaic held by NWS Digital Asia PTE Ltd and News Corporation subject to finalisation of definitive agreements.”

According to BSE, the shares of HT Media was last trading at Rs 12.03 as compared to the previous close of Rs 12.52 and the total number of shares traded during the day was 13189 in over 60 trades. The stock has hit an intraday high of Rs 12.5 and intraday low of Rs 11.83. The net turnover during the day was Rs 1,60,971.

The acquisition will scale VCCircle and TechCircle to augment Mint’s tech and editorial capacities. Hindustan Times’ reach will be used to augment VCCircle event business and will help scale the database and research business. The company is said to complete the procedure before 30 August.

Mosaic’s turnover in FY20 was Rs 14.5 core.

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