MUMBAI: Taking a digital-first philosophy, the Network18 Group has integrated its publishing and web operations by bringing it under R Jagannathan who will now serve as the Editor-in-Chief of both web as well as the publishing arm.

Jagannathan, who had taken charge of Moneycontrol.com and Firstpost.com at the time of joining Network18 in 2011, will now be additionally responsible for Forbes India and Network18 Publishing.

In his expanded role, Jagannathan will be responsible for leading the editorial strategy and driving content synergies across a bouquet of Network18 Publishing?s news and special interest brands.

Network18 Publishing has a portfolio of 18 B2C and B2B titles which includes Overdrive, Better Photography, Better Interiors, Chip, T3, Search, Auto Monitor, Modern Machine Tools, Chemical World, and Modern Packaging & Design.
Web 18, Network18?s internet and mobile arm, has offerings like in.com, Moneycontrol.com, Firstpost.com, Cricketnext.com, IBNLive.com, and Buzz18.com.

Editors at each of these brands will now report to him with immediate effect.

The Indian media industry has been slowly warming up to the concept of having an integrated editorial room to stay in tune with the changing media landscape with the consumption of content growing steadily on digital media.

The integrated news room works on the ?web first? approach treating digital as the lead medium.

HT Media?s business newspaper Mint had last year integrated its newsroom whereby Mint reporters file all their stories on Livemint.com throughout the day and Mint journalists do exclusive stories and columns for the web and other digital platforms.
Network18 Founder & Editor Raghav Bahl said, "Platform neutrality in publishing is almost a truism now and as one of the country?s largest news and digital players, we?re best placed to lead this broadening trend. It?s critical that our brands access the best expertise across the group while they continue to fulfill their distinct content mandates and they do so through a structure which mirrors the new digital reality. We have entrusted the task of leading this effort in the able hands of Jaggi."

Network18 Group CEO B. Sai Kumar said, ?In Jaggi, we have one of the finest editorial minds in the industry with an unmatched breadth of experience and a proven track record, which includes the stellar performance of our digital brands under his command, Moneycontrol.com and Firstpost.com. We?re confident that in this expanded mandate, he will help us further enhance our editorial product and deepen audience engagement and market leadership."

Jagannathan added, ?Network18 has some of the country?s most loved brands which enjoy the highest levels of trust and credibility with audiences and each represents a unique editorial voice. I look forward to working with the teams to ensure that we strengthen our proposition across platforms."

With a career spanning over 36 years, Jagannathan has been the editor of several print and digital publications across the general and business news space. Prior to joining Network18 Group in 2011, he was the Executive Editor at DNA. Earlier, he was the Executive Editor at Business Standard and he has also been the Editor at Financial Express, Indian Management and Business World.

He was the founding Executive Editor of Business Today in the early 1990s and Business Editor of India Today before that. His first foray into the digital world came when he became Editor at Myiris.com at the height of the first dotcom boom.

MUMBAI: In continuation of its strategy to divest non-core assets, the Network18 Group has said that it has profitably divested its stake in search businesses, Infomedia Yellow Pages and AskMe, to Getit Infoservices.

The terms of the deal were not disclosed. The divestment is subject to shareholders? approval.

Getit Infoservices is India?s leading digital marketing company offering a platform for Local Search, Classifieds, Micro Communities, and Deals. The combined operations of Getit will be referred to as "Getit Infomedia" and will be wholly owned by shareholders of Getit.

Network18 MD Raghav Bahl said, "The divestiture of Infomedia Yellow Pages and Askme, India?s leading local search businesses is a reflection of our commitment to profitably monetise non-core assets for the benefit of our shareholders and to also facilitate the growth of these businesses to the next level. We would like to convey our best wishes to the team as they embark on the next phase of their journey."

The divestment of Yellow Pages and AskMe businesses forms a part of a series of asset monetisation transactions by Network18.

Earlier during the current financial year, Network18 had partially diluted its stake in digital commerce asset, Bookmyshow.com. It had also recently divested its entire stake in Newsire18.

MUMBAI: Network 18 Media and Investments said it has received board?s approval for divesting its stakes in Yellow Pages and AskMe as part of its plan to monetise non-core assets profitably.

AskMe is Mumbai?s leading local search engine which allows online and telephonic search for companies, products and services while Yellow Pages is an online business directory that helps buyers find businesses.

The Raghav Bahl-promoted Network18 had earlier sold its entire 77.5 per cent stake in news terminal business NewsWire18 to private equity firm Samara Capital for Rs 900 million.

Before that the company had divested its 20 per cent stake in entertainment ticketing website Bookmyshow.com to venture capital firm Accel Partners for Rs 500 million. Network18?s stake in the ticketing website?s holding company Bigtree dropped to 40 per cent post the stake sale.

MUMBAI: Raghav Bahl-promoted Network18 is selling its entire 77.5 per cent stake in NewsWire18 to private equity firm Samara Capital for Rs 900 million.

The deal marks the exit of Network18 from the news terminal business and values NewsWire18 at Rs 1.17 billion.

Network18 had incubated the company with the founding CEO Pankaj Aher and his team.

Network18 is pursuing the strategy of divesting its non-core assets profitably to allow greater focus on its core television and digital businesses.

The transaction is expected to add approximately Rs 700 million to Network18?s consolidated pre-tax profit for the current quarter, the company said.

BMR Advisors acted as the sole transaction adviser to Network18.

NewsWire18 will be rechristened over the next 90 days as a result of the transaction.

The divestment of NewsWire18 forms part of a series of asset monetisation transactions by Network18. Earlier during the year, Network18 had sold its stake in one of the Capital18 investee companies ? NetworkPlay and then partially diluted its stake in India?s premier Digital Commerce asset ?Bookmyshow.com.

Network18 MD Raghav Bahl said, "The divestiture of Newswire18, India?s leading financial data and news terminal business is a reflection of our commitment to profitably monetize non-core assets for the benefit of our shareholders and to also facilitate the growth of these businesses to the next level. We are proud to have partnered with NewsWire18 in its journey thus far and are confident that Pankaj and his team will continue to excel and build one of the finest financial data businesses in India."

Commenting on the deal, Network18 Group CEO Sai Kumar said, "In a few short years, NewsWire18 has grown into a leader in its space and we take great pride and pleasure in having written this wonderful growth story. The growth at NewsWire18 is a reflection of Network18?s business building skills and the value that our network eco-system brings to a business. We would like to give Pankaj and his team and Samara Capital our best wishes as they embark on the next phase of their journey."

MUMBAI: The minimum amount of Rs 9.96 billion that Reliance Industries Ltd?s (RIL) Independent Media Trust (IMT) will lend to ensure the currently open rights issues of Network18 Media and Investments and TV18 Broadcast sail through will translate into a 51 per cent stake in the promoter companies of Network18.

IMT will lend the money through investments in zero coupon optionally convertible debentures (ZOCDs) issued by the six promoter companies of Network18, which will be subscribing to promoters? entitlement in the rights issues and in addition, to subscribing to the unsubscribed portion in the rights issues and to subscribe to additional equity shares.

The six promoter companies are RRB Mdiasoft, RB Mediasoft, RBI Media Holdings, Watermark Infratech, Colorful Media and Adventure Marketing, which together own 36.90 per cent of Network18. To subscriber to their entitlement, these companies require Rs 9.96 billion. To raise Rs 9.96 billion to subscriber to their entitlement, the promoter companies will have to issue a minimum of 99,630,000 ZOCDs.

By subscribing to their entitlement and unsubscribed portion, if any, in this Issue, the promoter companies will hold more than 36.90 per cent of the post-issue paid up equity share capital of the Issuer.

If the ZOCD holder opts for conversion of the minimum 99,630,000 ZOCDs, then it will result in the ZOCD holder holding more than 51 per cent of the promoter companies. In the event of conversion of the ZOCDs, there will be a change of control of the subscribing companies. Such change of control of the promoter companies may in turn result in a change of control in the company.

Considering that Network18 is already in control of TV18, the acquisition of control of Network18 by the ZOCD holder may consequently result in change of control of TV18. A change of control of the companies may significantly influence our business, policies, and operations, Network18 & TV18 have said in the rights issue prospectus.

Television channels that are owned by TV18 include news channels CNBC TV18, CNBC Awaaz, CNN IBN, IBN7 and IBN Lokmat, and general entertainment channel Colors and factual entertainment channel History TV18.

The promoter companies are owned and controlled by Raghav Bahl, Founder of Network18 group and Ritu Kapur.

Network18 is offering 307 shares for every 50 shares held by its shareholders at a price of Rs 30 per share, while TV18 is offering 41 shares for every 11 shares held by its shareholders at a price of Rs 20 per share.

The six promoter companies have confirmed vide their letter dated 29 February 2012 that they intend to (i) subscribe for additional equity shares and (ii) subscribe to the unsubscribed portion in the rights issue, if any. Such subscription to additional equity shares and the unsubscribed portion, if any, to be made by the promoter companies, will be in accordance with the Takeover Regulations and also shall not result in breach of minimum public shareholding requirement as stipulated in the listing agreements, Network18 and TV18 have said.

The promoter group holding in Network18 is 49.55 per cent, including 11.14 per cent by Network18 Group Senior Professional Welfare Trust and 0.40 per cent by TV18 Employees Welfare Trust. Network18 group owns 59.76 per cent of TV18.

The promoter companies each have a paid-up and issued share capital of Rs 0.1 million comprising 10,000 equity shares of Rs 10 each. As per the ZOCD Investment Agreement, the promoter companies will issue such number of ZOCDs to IMT to enable them to subscribe to their entitlement, additional Equity Shares and unsubscribed equity shares in the Issue with the proceeds of the ZOCDs. The investment agreement has provided that if the response to rights issue from non-promoter shareholders is poor, the promoter companies will subscribe to additional shares and also to the unsubscribed portion.

TV18 will be acquiring 100 per cent of the equity of Equator, which owns 100 per cent equity of Panorama, the owner of ETV News Channels; 50 per cent of Prism which owns ETV non-Telugu channels; and 24.50 per cent of Eenadu which owns ETV Telugu Channels.

Each ZOCD to be issued to IMT will be of Rs 100 each convertible into 10 equity shares of the respective promoter company. These ZOCDs are also freely transferable. The holder of the ZOCDs has the option to convert all or any of the ZOCDs into 10 equity shares for each ZOCD held, of the relevant promoter company at any time within a period of 10 years from the date of subscription of the ZOCDs by IMT.

Further, the holder of the ZOCDs has the option to require all or any of the promoter companies to redeem some or all of the ZOCDs at par at any time within a period of 10 years from the date of subscription of the ZOCDs. The ZOCDs which have neither been converted into equity shares nor redeemed shall be automatically redeemed at par upon the expiry of 10 years from the date of subscription of the ZOCDs.