Last week, TV Today Network Limited acquired equity shares in both India Today Online Private Limited and Mail Today Newspapers Private Limited. Following the acquisition of 74,887,389 equity shares of India Today Online Private Limited, TV Today now controls 100% of its paid-up share capital. “We got these shares as a gift from our promoter company (Living Media India Limited),” said Ashish Sabharwal, Company Secretary, TV Today.
On March 15, TV Today simultaneously completed the acquisition of 33,042,625 equity shares of Mail Today Newspapers Private Limited from A.N. (Mauritius) Limited again as an act of gift. As a result, TV Today along with India Today Online Private Limited holds Mail Today’s 100% paid-up share capital. Hence, Sabharwal mentioned that “Mail Today has become a wholly owned subsidiary” of TV Today and India Today Online Private Limited wherein the latter is wholly owned by the former.
He, however, stressed that the acquisitions were “not exactly” representative of consolidation of television, online and print properties under a single company since TV Today itself is a “subsidiary of Living Media”. Noting that the online business at present did not command a huge scale, he pointed out that a “good synergy with the newspaper (Mail Today)” will be established in terms of news gathering by reporters owing to the acquisition.
Mail Today’s genesis can be traced back to the coming together of India Today Group and Daily Mail, the popular tabloid from Britain. The newspaper which began publishing in November of 2007 with Bharat Bhushan as its founding editor has its future squarely in the hands of TV Today.
Registered on December 28, 1999, TV Today is a listed company overseeing the broadcast of news television channels such as Aaj Tak and India Today. In the last fiscal, television programming and broadcasting activities contributed 98% of its annual turnover of slightly over Rs 577 crore.