Network18 has entered into a definitive agreement with Samara Capital to divest its entire stake in financial data and news terminal business — NewsWire18.
The total transaction will fetch Rs. 90 crore for Network18 . and expected to add approximately Rs. 70 crore to Network18’s consolidated pre-tax profit for the current quarter.
Announcing the transaction, Raghav Bahl, Managing Director, Network18 said in a release that, “The divestiture of Newswire18, 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. .”
The divestment of NewsWire18 forms a part of a series of asset monetisation transactions by Network18. Earlier during the year, Network18 had profitably sold its stake in NetworkPlay and then partially diluted its stake in digital commerce asset — Bookmyshow.com.