announced a consolidation of its media and distribution businesses spread across multiple entities into Network18.
.This will scale up Network18 as one of the largest listed players in the sector", the statement said.
"The appointed date for the merger shall be February 1, 2020," it said.
The board of directors of the respective companies approved the scheme of amalgamation and arrangement at their meetings held on Monday, it added.
The combined broadband entity will also serve one million wireline broadband subscribers across the country. Besides, shareholders of all the four companies will also benefit from streamlining of operations and strategy, focused management, and reduction of risk through consolidation, the firm said.
This would be done through share change ratio. According to the scheme, for every 100 shares of TV18, Hathway and Den, their share holders would get 92, 78 and 191 shares of Network18.
"The aggregation of a content powerhouse across news
and entertainment (both linear and digital) and the country's largest cable distribution network under the same umbrella shall boost efficiency and exploit synergies, creating value for all stakeholders," it said.