Network18 Media surges 23% in two days as Sony eyes stake in company

Apart from a stake buy, some other options on the table include a merger of the entertainment businesses of Sony and Network18 Media, reports said

Shares of Network18 Media & Investments rallied 14 per cent to Rs 31.70 on the BSE on Friday, thereby surging 23 per cent in past two trading days on media reports that Sony is eyeing up to 30 per cent stake in Mukesh Ambani's media and entertainment company. The stock was trading at its highest level since June 4, 2019 on the BSE.

“Japanese major Sony Corporation is in preliminary talks with Mukesh Ambani’s Network18 Media & Investments for a possible stake buy, making it the second attempt by the group in 10 months for a local acquisition,” Business Standard reported.

Apart from a stake buy, some other options on the table include a merger of the entertainment businesses of Sony and Network18 Media, they said, as the Japanese major seeks to consolidate its presence in India, a market it considers key, the report said. CLICK HERE TO READ FULL REPORT

On clarification on news report, Network18 Media & Investments in regulatory filing said the company evaluates various opportunities on an ongoing basis.

As a policy, we do not comment on media speculation and rumours, it said.

Network18 Media and Investments is a media and entertainment company with interests in television broadcasting, internet, filmed entertainment, digital commerce, magazines, and allied businesses. Network18 manages various internet businesses, including portals such as moneycontrol.com, news18.com, firstpost.com and in.com.

At 09:46 am, the stock was trading 11 per cent higher at Rs 30.70 on the BSE, as compared to 0.2 per cent decline in the S&P BSE Sensex. The trading volumes on the counter jumped four-fold with a combined 4.12 million shares changing hands on the BSE and NSE so far.