MUMBAI: In a pivotal move linked to the grand consolidation of India’s entertainment landscape, Eenadu TV is no longer an associate, as Network 18 has assigned its 24.5 per cent voting rights in the broadcaster to ETPL’s promoter and continues to retain its economic rights. The transaction, completed at 2:06 p.m. on 7 July, effectively ends ETPL’s status as an associate of the media conglomerate.
Network18 informed the Bombay stock exchange about this change via a regulatory filing.
The assignment of voting rights—mandated under a Competition Commission of India (CCI) order dated 27 August 2024—was part of the conditions for the greenlighting of the blockbuster merger between Viacom18 (now Studio18 Media Pvt Ltd) and Star India (now JioStar India Pvt Ltd).
Though stripped of control, Network18 retains full economic interest in the 24.5 per cent stake. The company said the promoter of ETPL has no ties to Network18’s promoter group, and the deal doesn’t qualify as a related-party transaction.
As of 31 March 2025, ETPL accounted for a hefty 32.61 per cent of Network18’s consolidated net worth. But despite the shift in status, the company claims there will be no hit to its balance sheet, thanks to a fair valuation mechanism under prevailing accounting standards.
Leave a Reply