Network18 said that it has sold its entire stake in Newswire18 to Samara Capital. The private equity firm is picking up a majority stake in the financial news and market data provider for Rs 90 crore.
Raghav Bahl, Managing Director, Network18, said: “The divestiture of Newswire18, India’s leading financial data and news terminal business, is a reflection of our commitment to profitably monetise non-core assets for the benefit of our shareholders and to also facilitate the growth of these businesses to the next level.”
“The transaction is expected to add approximately Rs 70 crores to Network18’s consolidated pre-tax profit for the current quarter. NewsWire18 will also be rechristened over the next 90 days as a result of the transaction,” the company said in a statement.