Network18 offloads stake in Yellow Pages and AskMe to Getit

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.