Indian corporate giant Reliance Industries is to acquire a majority stake in major local broadcaster Network18.
Neywork18 operates news and entertainment channels across India as its core business. Reliance said its board had agreed to fund a 40 billion rupee (US$680 million) takeover.
The deal will see Reliance take over 78% of Network18 and 9% of its subsidiary TV18 Broadcast. It first invested in both companies in 2012.
Furthermore, Reliance will make open offers to the public shareholders of Network18, TV18 and a third Network 18 company, Infomedia Press Limited.
Reliance is India’s largest private sector company with around US$67 billion in turnover.