ITV

Tag: Living Media India Limited

  • TV Today’s rating upgraded as parent company becomes debt-free

    TV Today’s rating upgraded as parent company becomes debt-free

    MUMBAI: Credit rating agency CRISIL has upgraded the TV Today Network’s, a subsidiary of Living Media India Limited, long-term bank ratings as the parent company becomes debt-free.

    Aroon Purie founded Living Media India Limited (LMIL) had reported a net loss of Rs 6 crore for fiscal 2019, repaid its debt after getting an interim dividend from its arm TV Today Network (TVTN).

    According to a press release on BSE, the TV Today Network said: “The rating agency has upgraded its rating on the long-term bank facilities of the company to CRISIL AA/Stable from CRISIL AA-/ Stable.”

    LMIL had a debt of Rs 64 crore as of 31 March 2019 and received an interim dividend of Rs 68 crore in November 2019, which helped the company to become debt-free as of 24 December 2019.

    Meanwhile, TVTN has also mentioned in its statement that the rating agency has retained the short-term rating of the company at CRISIL A1+.

    According to CRISIL, the regular dividend income from TVTN may offset the weak operating performance of the publishing business. It believes LMIL will continue to benefit over the medium term from healthy financial flexibility being the holding company of TVTN

    LMIL, a publication house, was founded in 1975. It earns revenue from its own publications (India Today and Business Today). It owns India’s largest magazine distribution network. The Aditya Birla Group acquired a stake in LMIL in July 2012 and currently owns 41.5%.

    The India Today group, also founded in 1975, has diverse business interests, including magazines, TV channels such as Aaj Tak, India Today Television, Tez, and Dilli Aaj Tak, it also has a newspaper on its name called Mail Today, a classical music label (Music Today), and book publishing and printing.

  • Big FM, India Today deals: Zee Media seeks shareholder nod for loans

    Big FM, India Today deals: Zee Media seeks shareholder nod for loans

    BENGALURU: Zee Media Corporation Limited (ZMCL) has sought public shareholder approval for special resolutions by postal ballot /e-voting process for authorizing the board to borrow moneys in excess of the paid-up share capital and free reserves of the company up to Rs. 3,000 crore.

    The funds will be utilised to acquire by way of subscription, purchase or otherwise the securities of, Today Merchandise Pvt Ltd (TMPL), Today Retail Network Pvt Ltd (TRNPL), Vrushvik Entertainment Pvt Ltd (VEPL) and Azalia Media Services Pvt Ltd (ASMPL), the current and/or future subsidiary(ies) and/or associate(s) of the company, subject to the condition that the aggregate of principal amount of such loan and/or value of such investment and/or principal amount secured by such guarantee/security shall not exceed an amount of Rs. 3,000 crores at any point in time.

    VEPL and ASMPL are the two companies to which Reliance ADA will transfer its radio and television business to. Both – ZMCL and Reliance ADA have the option to acquire the balance 51 stakes in VEPL and ASMPL. Both TRNPL and TMPL are loss making companies of the India Today group’s Living Media India Limited (LMIL) that have been developing infrastructure for TV shopping and eCommerce businesses to compliment its TV shopping business.

    As mentioned earlier, the ZMCL board had earlier approved acquisition of 49 per cent stake in 92.7 BIG FM, the radio broadcasting business of Reliance Broadcast Network Limited (RBNL), part of Anil Ambani-led Reliance ADA group. This will give Zee access to 45 running FM radio channels, apart from 14 other licences. The two Essel group companies – ZMCL and Zee Entertainment Enterprises Limited (ZEEL) were to pick up stakes in Reliance ADA’s FM radio business and two television channels respectively. Business Standard had valued the radio business 49 percent stake transaction at Rs 1,592 crore.

    Earlier, in February this year, the ZMCL board had approved in-principle, acquisition of 80 per cent equity stake by the company in both TMPL and TRNL.

    Among other resolutions, ZMCL has also asked its public investors to vote for resolutions that allow it to borrow money from its promoter entity Arm Infra & Utilities Pvt Ltd to the extent of Rs 500 crore.

    The voting period will commence on and from 23 December 2016 at 9.00 a.m. and end on 21 January 2017 at 5.00 p.m. Shareholders can opt for only one mode of voting i.e. either by postal ballot or e-voting. In case any shareholder casts the vote(s) through both the modes, voting done by e-voting shall prevail and votes cast through postal ballot will be treated as invalid.

  • Big FM, India Today deals: Zee Media seeks shareholder nod for loans

    Big FM, India Today deals: Zee Media seeks shareholder nod for loans

    BENGALURU: Zee Media Corporation Limited (ZMCL) has sought public shareholder approval for special resolutions by postal ballot /e-voting process for authorizing the board to borrow moneys in excess of the paid-up share capital and free reserves of the company up to Rs. 3,000 crore.

    The funds will be utilised to acquire by way of subscription, purchase or otherwise the securities of, Today Merchandise Pvt Ltd (TMPL), Today Retail Network Pvt Ltd (TRNPL), Vrushvik Entertainment Pvt Ltd (VEPL) and Azalia Media Services Pvt Ltd (ASMPL), the current and/or future subsidiary(ies) and/or associate(s) of the company, subject to the condition that the aggregate of principal amount of such loan and/or value of such investment and/or principal amount secured by such guarantee/security shall not exceed an amount of Rs. 3,000 crores at any point in time.

    VEPL and ASMPL are the two companies to which Reliance ADA will transfer its radio and television business to. Both – ZMCL and Reliance ADA have the option to acquire the balance 51 stakes in VEPL and ASMPL. Both TRNPL and TMPL are loss making companies of the India Today group’s Living Media India Limited (LMIL) that have been developing infrastructure for TV shopping and eCommerce businesses to compliment its TV shopping business.

    As mentioned earlier, the ZMCL board had earlier approved acquisition of 49 per cent stake in 92.7 BIG FM, the radio broadcasting business of Reliance Broadcast Network Limited (RBNL), part of Anil Ambani-led Reliance ADA group. This will give Zee access to 45 running FM radio channels, apart from 14 other licences. The two Essel group companies – ZMCL and Zee Entertainment Enterprises Limited (ZEEL) were to pick up stakes in Reliance ADA’s FM radio business and two television channels respectively. Business Standard had valued the radio business 49 percent stake transaction at Rs 1,592 crore.

    Earlier, in February this year, the ZMCL board had approved in-principle, acquisition of 80 per cent equity stake by the company in both TMPL and TRNL.

    Among other resolutions, ZMCL has also asked its public investors to vote for resolutions that allow it to borrow money from its promoter entity Arm Infra & Utilities Pvt Ltd to the extent of Rs 500 crore.

    The voting period will commence on and from 23 December 2016 at 9.00 a.m. and end on 21 January 2017 at 5.00 p.m. Shareholders can opt for only one mode of voting i.e. either by postal ballot or e-voting. In case any shareholder casts the vote(s) through both the modes, voting done by e-voting shall prevail and votes cast through postal ballot will be treated as invalid.

  • TV Today to reorganise tabloid and radio business

    TV Today to reorganise tabloid and radio business

    BENGALURU: TV Today Network Limited (TVTN) has informed the bourses that its board of directors has inter-alia approved the acquisition of equity shares of Mail Today Newspapers Private Limited (Mail Today) from its other shareholders and to reorganise its radio business subject to the requisite approvals.

    Mail Today

    TVTN says that Mail Today is of strategic importance to it and can be of great value in the future. Living Media India Limited (LMIL) holds 66.78 percent of the equity shares through its wholly owned subsidiary India Today Online Private Limited (ITOPL), while AN (Mauritius) Limited holds 25.21 percent of the equity shares of Mail Today. Both the entities will transfer the shares to TVTN as a gift so that Mail Today becomes a wholly owned subsidiary of the company. TVTN has valued the equity shares held by ITOPL at Rs 26.80 crore and those held by AN (Mauritius) Limited at Rs 10.12 crore. TVTN says that the fair value loss under IND AS in connection with investment in Mail Today shares presently held by the company amounted to Rs 42.30 crore.

    Mail Today has an authorised share capital of Rs 135 crore, out of which Rs129.09 crore is the paid up capital. It had turnover of Rs 40.43 crore and profit after tax of Rs 6.01 crore for FY-15-16.

    Radio Business

    The TVTN board of directors have approved the acquisition of 100 percent the paid-up capital of Vibgyor Broadcasting Private Limited (VBPL) for the purpose of re-organising its radio business by transferring its radio business through slump sale to VBPL. The price at which the transfer is to take place will be decided at the next board meeting.

    TVTN says that the transfer of the radio business into a separate company is being done to segregate the radio business operations and to have better focused management for the same and enhance the business value in the subsidiary.

    It may be recalled that TVTN has been partially successful in selling off a few of its radio stations to Entertainment Network India Limited (ENIL, Radio Mirchi) of the Bennet Coleman group and has also recently signed ENIL on to hawk ads for its three remaining stations. Permission to sell the remaining three stations to ENIL has been denied by the MIB.

  • TV Today to reorganise tabloid and radio business

    TV Today to reorganise tabloid and radio business

    BENGALURU: TV Today Network Limited (TVTN) has informed the bourses that its board of directors has inter-alia approved the acquisition of equity shares of Mail Today Newspapers Private Limited (Mail Today) from its other shareholders and to reorganise its radio business subject to the requisite approvals.

    Mail Today

    TVTN says that Mail Today is of strategic importance to it and can be of great value in the future. Living Media India Limited (LMIL) holds 66.78 percent of the equity shares through its wholly owned subsidiary India Today Online Private Limited (ITOPL), while AN (Mauritius) Limited holds 25.21 percent of the equity shares of Mail Today. Both the entities will transfer the shares to TVTN as a gift so that Mail Today becomes a wholly owned subsidiary of the company. TVTN has valued the equity shares held by ITOPL at Rs 26.80 crore and those held by AN (Mauritius) Limited at Rs 10.12 crore. TVTN says that the fair value loss under IND AS in connection with investment in Mail Today shares presently held by the company amounted to Rs 42.30 crore.

    Mail Today has an authorised share capital of Rs 135 crore, out of which Rs129.09 crore is the paid up capital. It had turnover of Rs 40.43 crore and profit after tax of Rs 6.01 crore for FY-15-16.

    Radio Business

    The TVTN board of directors have approved the acquisition of 100 percent the paid-up capital of Vibgyor Broadcasting Private Limited (VBPL) for the purpose of re-organising its radio business by transferring its radio business through slump sale to VBPL. The price at which the transfer is to take place will be decided at the next board meeting.

    TVTN says that the transfer of the radio business into a separate company is being done to segregate the radio business operations and to have better focused management for the same and enhance the business value in the subsidiary.

    It may be recalled that TVTN has been partially successful in selling off a few of its radio stations to Entertainment Network India Limited (ENIL, Radio Mirchi) of the Bennet Coleman group and has also recently signed ENIL on to hawk ads for its three remaining stations. Permission to sell the remaining three stations to ENIL has been denied by the MIB.

  • TV Today Network approves execution of investment agreement with TMPL, LMIL and Zee

    TV Today Network approves execution of investment agreement with TMPL, LMIL and Zee

    MUMBAI:TV Today Network (TVTN) has approved the execution  of investment agreement  and letter agreement  with Today Merchandise Private Limited (TMPL), Living Media  India  Limited  (LMIL) and  Zee  Media  Corporation   Limited  (Zee).

    TVTN also approved the promoter promotion agreement  with TMPL, whereby  TVTN would be providing advertising and promotional services to TMPL of Rs 2.5 crore per annum for a period of five years.

    In consideration of providing the promoter promotion advertisement support, TVTN shall be issued CCDs of TMPL worth Rs 12.5 crore (being the amount of promoter promotion support to be provided by TVTN).  

    An official statement said such CCDs can be converted into equity shares after the expiry of five years from the date Zee has invested in TMPL.

     

  • TV Today Network approves execution of investment agreement with TMPL, LMIL and Zee

    TV Today Network approves execution of investment agreement with TMPL, LMIL and Zee

    MUMBAI:TV Today Network (TVTN) has approved the execution  of investment agreement  and letter agreement  with Today Merchandise Private Limited (TMPL), Living Media  India  Limited  (LMIL) and  Zee  Media  Corporation   Limited  (Zee).

    TVTN also approved the promoter promotion agreement  with TMPL, whereby  TVTN would be providing advertising and promotional services to TMPL of Rs 2.5 crore per annum for a period of five years.

    In consideration of providing the promoter promotion advertisement support, TVTN shall be issued CCDs of TMPL worth Rs 12.5 crore (being the amount of promoter promotion support to be provided by TVTN).  

    An official statement said such CCDs can be converted into equity shares after the expiry of five years from the date Zee has invested in TMPL.