Top Story

e4m_logo.png

Home >> Media - Others >> Article

BBC arm buys half of Bennett Coleman unit

20-November-2004
Font Size   16
BBC arm buys half of Bennett Coleman unit

Worldwide Channel Investments Ltd is picking up a 50 per cent stake in Worldwide Media Ltd (WWML), a fully owned subsidiary of Bennett, Coleman & Co, the publisher of Times of India and The Economic Times newspapers, for Rs 38.95 crore.

As per the investment proposal, which has been cleared by the government today, WWML will issue fresh shares up to 50 per cent of its equity shares to Worldwide Channel Investments at a premium.

Worldwide Channel Investments is a fully owned company of BBC Worldwide, a fully owned subsidiary of British Broadcasting Corporation.

BBC Worldwide is engaged in non-news media related business in the UK and other countries, including publishing of books, journals, scientific, specialty and technical magazines.

Besides, Worldwide Channel Investments will also have an option to up its investment in WWML, the publishers of Femina and Filimfare magazines by another 24 per cent at a subsequent stage from Bennett, Coleman & Co.

As per the agreement between the two companies, Bennett, Coleman & CO will provide a loan of Rs 15.5 crore to WWML, which will be repayable by 2006 or 2008.

Besides, Worldwide Channel has also agreed to provide a loan of Rs 21.1 crore to WWML, which may be converted into 10, 000 preference share at a premium to the BBC Worldwide arm.

Besides, all future funding to be provided by Bennett, Coleman & Co and Worldwide Channel to WWML will be on a pro rata basis to the equity share held by the two companies in the venture.

Tags

Vijay Mansukhani, speaks to exchange4media about the resurgence of Onida, the scope of growth of consumer electronics market in India and the reasons why Indian consumer electronics brands don’t compete on a global scale

Projjol Banerjea opens up about hiring Anne Macdonald and GroupM's Rob Norman, and the brand's new identity

Meera Iyer tells exchange4media that in FY 2016/17, bigbasket clocked a revenue of Rs 1,400 crore. The online supermarket currently stands at 70,000 orders a day, with operations in 25 cities.

CMO, Kashyap Vadapalli on the start-up’s marketing play, why it has decided to stay away from IPL and response to its furniture rental apps

FMCG brands Reckitt Benckiser and Hindustan Lever continue to lead BARC's Top 10 Advertiser

A look at the recipe mix that produces better results when marketers want a campaign to go viral

Jigar Rambhia shares his views on the indisputable popularity of IPL among sponsors and cricket aficionados