TV18 to buy ETV's television business

TV18 Broadcast Ltd said on Tuesday it would pay up to 21 billion rupees ($395.4 million) to buy the television business of regional broadcaster ETV.

TV18 Broadcast Ltd said on Tuesday it would pay up to 21 billion rupees ($395.4 million) to buy the television business of regional broadcaster ETV.

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TV18 will get management control of ETV's news and entertainment channels other than the regional Telugu language channels, it said, adding TV18's board has approved raising up to 27 billion rupees via rights issue of shares.

Reliance Industries Ltd's unit has agreed to fund the owners of media firms Network18 Media and Investments and TV18 Broadcast Ltd to help them subscribe to a rights issue.

TV18 earlier said its board had approved issue of shares on rights basis for up to 27 billion rupees ($508.4 million).