NDTV to consider sale of assets
The company, however, provided no clarity in the NSE in relation to the assets which might be up for sale
The board of directors at NDTV will consider the “potential sale of certain strategic assets by certain material subsidiary(ies),” the company informed the National Stock Exchange today. In light of the same, NDTV’s trading window shall remain shut for some time. “The trading window for dealing in the securities of the Company will remain closed from April 17, 2017 till the conclusion of 48 hours from the date of Board meeting of the Company,” NDTV said. However, the broadcaster provided no clarity on what assets might be up for sale.
Recognised as the foremost news broadcaster in the country at one point in time, NDTV has been going through a period of financial turmoil of late. Besides operating in the broadcasting domain, NDTV also has interests in the digital and e-commerce space. However, the digital business of the company is the only silver lining given that the other two segments are in deep losses.
Last year, when KVL Narayan Rao took over as the CEO of the company, he promised “the financial turnaround of the company” by delivering both in terms of top line and bottom line growth. However, in the fiscal year 2016-17, NDTV’s revenues dropped from Rs 396.03 crore to Rs 368.32 crore during the first three quarters. After the jolt of demonetisation, the company had pinned its hopes on lucrative sponsorship deals to make up for the fall in revenues from advertising.
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