DB Corp Limited completed the acquisition of remaining 45% stake in I Media Corp Ltd. from Writers and Publishers Private Limited and other existing shareholders.
December 10, 2012 at 11:00 pm EST
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DB Corp Limited (BSE:533151) agreed to acquire the remaining 45% stake in I Media Corp Ltd. from Writers and Publishers Private Limited and other existing shareholders for approximately INR 360 million on December 4, 2012. In a related transaction, DB Corp Limited (BSE:533151) also agreed to acquire remaining 43.18% stake in Synergy Media Entertainment Limited from other shareholders for INR 23.7 million in cash on December 4, 2012. I Media will become a wholly owned subsidiary of DB Corp. I Media Corp reported INR 70 million of revenue, INR 65.54 million of net loss, INR 327.48 million of net liability, INR 48.98 million of total assets and (INR 61.36 million) of EBITDA for the year ended March 31, 2012.
DB Corp Limited (BSE:533151) completed the acquisition of remaining 45% stake in I Media Corp Ltd. from Writers and Publishers Private Limited and other existing shareholders on December 11, 2012.
D.B. Corp Limited is an India-based print media company, which is engaged in the sale of newspapers and magazines, and advertisement revenue. The Company also has a presence in the radio and digital sectors. The Company's principal business activities include print, radio, and digital. The Print Business includes newspaper, magazines and printing job work. Its Magazines & Supplements include Aha! Zindagi, Bal Bhaskar, Young Bhaskar, Madhurima, Navrang, Kalash, Dharmdarshan, Rasik and Lakshya. The Radio Business includes the broadcasting of radio 94.3 my Frequency modulation (FM). Its brands in publishing business include Dainik Bhaskar (Hindi daily), Divya Bhaskar and Saurashtra Samachar (Gujarati dailies), Divya Marathi (Marathi daily) and DB Star. The Digital business includes the Websites dainikbhaskar.com, divyabhaskar.com, divyamarathi.com, homeonline.com, and moneybhaskar.com.
DB Corp Limited completed the acquisition of remaining 45% stake in I Media Corp Ltd. from Writers and Publishers Private Limited and other existing shareholders.