Cable TV services provider DEN Networks will exit from TV commerce business to focus on cable and broadband segments by selling its entire stake in Macro Commerce Pvt Ltd on a going concern basis.
"DEN Networks has entered into a share purchase agreement with Pimex Broadcast Pvt Ltd for selling its entire stake in Macro Commerce on a going concern basis. With this sale, DEN will now be focusing on the cable and broadband industry," the company said in a BSE filing.
Den Snapdeal TV -- a joint venture between DEN Networks and Jasper Infotech, the holding company of e-commerce major Snapdeal -- competed with HomeShop18, Shop CJ and Naaptol shopping TV channels.
In July last year, Den Networks hiked its stake in the company to 82.87 per cent from 32.87 per cent earlier.
The name of DEN and Snapdeal will be dropped from the TV commerce business' branding.
Pimex will hold 100 per cent shares of Macro. It will take over all the existing liabilities and dues of Macro, it added.
Shares of DEN Network were trading 2.61 per cent lower at Rs 83.85 on BSE.
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