Television Eighteen Group has acquired Mumbai-based interactive ad agency Urban Eye Media, an eight-year old agency providing high-end web design and solutions. Urban Eye has undertaken web-related projects for clients like the Aditya Birla Group, Baylor University, Bates, Mahindra & Mahindra, MTV, and Norwest Venture Partners, besides CNBC-TV18 and Yatra India project, where TV 18, Reliance Capital and Norwest Venture Partners have invested in.
Post acquisition, Urban Eye is expected to be a major component of the TV 18 group’s demerged business, Web 18. TV 18 group has announced revenues of $1 million in the first quarter of this year solely from its Internet businesses.
Though the deal has already been finalised, an official announcement is expected some time next week. Urban Eye CEO, Rishi Khiani, could not be contacted for comments. Also, the financial terms of the deal could not be ascertained, however, it was known that it was a multi-year, part cash and part stock deal.