Network 18 Media & Investments was up 13% at Rs 31.20, extending yesterday's 7.78% rally triggered by media reports that Japan's Sony Corp. is planning to acquire a stake in the media company.
According to media reports, Sony Corporation is carrying out due diligence on Network 18 Media before it comes up with any likely offer. The Japanese giant is reviewing various deal structures with an aim to tap the thriving demand for content in India.Mukesh Ambani through a network of subsidiaries owns a controlling stake in Network 18.
Shares of Network 18 Media surged 7.78% to end at Rs 27.70 on Thursday, 21 November 2019. It has risen 21.40% in two sessions from its close of Rs 25.70 on Wednesday, 20 November 2019.
In the past one month, shares of Network 18 Media & Investments surged 46.6% compared with a 12.74% rise in Nifty Media index.
On the BSE, 5.47 lakh shares were traded in the counter which is almost eight times the average daily volumes of 70,000 shares traded in the past two weeks.
On a consolidated basis, Network 18 Media & Investments reported a net loss of Rs 58.97 crore in Q2 September 2019 compared with a net loss of Rs 98.90 crore in Q2 September 2018. Net sales fell 5.1% to Rs 1,173.82 crore in Q2 September 2019 over Q2 September 2018.
Network 18 Media and Investments is one of the largest media conglomerates with diversified but synergistic interests in Television with its bouquet of fifty channels in India and thirteen international channels, besides filmed entertainment, digital content, magazines, digital commerce and allied businesses.
Network18 is promoted by Independent Media Trust of which Reliance Industries is the sole beneficiary.
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