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Network18 sells NewsWire18 to PE firm for INR900 million
Network18 is selling its entire 77.5% stake in NewsWire18 to PE firm Samara Capital for INR900 million. The deal marks Network18’s exit from the news terminal business. The company is pursuing the strategy of divesting its non-core assets to increase its focus on its TV and digital businesses.1
Reliance Industries among prospective buyers of IMG
PE firm Forstmann Little & Co. has put up IMG Worldwide, a global sports, fashion and media company, for sale. Reliance Industries Ltd. (RIL), the Wasserman Media Group, and PE firms Guggenheim Partners and Silver Lake Partners are likely to be the possible acquirers. Goldman Sachs is expected to be help Forstmann sell IMG. It is estimated that the sale price will be around US$2 billion.2
Kidzania to open an indoor theme park in Mumbai
ImagiNation Edutainment India, a JV between Singapore-based Kidz Inc. and Shahrukh Khan, will set up a Kidzania branded theme park in Mumbai in April 2013. ImagiNation has acquired the franchise rights for the Kidzania brand for India from the Mexican edutainment company. The theme park will be an indoor one and will be located in the eastern suburbs of Mumbai. Kidzania also plans to set up parks in the NCR region and Bengaluru.3
Adlabs planning theme park near Mumbai
Adlabs Entertainment plans to build a theme park near Mumbai at a cost of almost INR16 billion. The park will be located on the Mumbai-Pune expressway and will be spread over 300 acres. Two-thirds of the project cost will be financed by a consortium of 14 banks, while the rest will be borne by the promoter as equity. The theme park is expected to be completed in three phases and will also include a water park and hotel that will be set up in phase two and three, respectively.4
1“Network18 sells its entire stake in NewsWire18 to PE firm for INR900 million,” Indiantelevision, 3 December 2012, via Factiva.
2“Reliance Industries among prospective buyers of IMG,” Indiantelevision, 13 December 2012, via Factiva.
3“KidZania's first indoor theme park to open in Mumbai by April,” Indiantelevision, 21 November 2012, via Factiva.
3“Adlabs to build INR16 billion theme park near Mumbai,” The Economic Times, 27 November 2012, via Factiva.