HT Media Limited (BSE:532662) agreed to acquire Mosaic Media Ventures Pvt. Ltd. from NWS Digital Asia Pte Ltd and News Corporation (NasdaqGS:NWSA) for INR 70 million on July 28, 2020. On November 9, 2020, HT Media Limited entered into a share purchase agreement to acquire Mosaic Media Ventures Pvt. Ltd. from NWS Digital Asia Pte Ltd and News Corporation. The total consideration will be paid in cash and is comprised of payment up to INR 60 million subject to post working capital adjustment and a revenue linked milestones payment up to INR 10 million on deferred basis. Mosaic Media Ventures Pvt. Ltd. reported turnover was INR 145 million for the FY2020. As of July 28, 2020, Board of Directors of HT Media Limited approved the transaction. The transaction is expected to complete on or before August 30, 2020. As per announcement of August 26, 2020, the transaction is expected to complete on or before October 15, 2020. As of November 13, 2020, the transaction is expected to complete on or before December 15, 2020. Akshat Pande of Alpha Partners acted as a legal adviser to HT Media. Aayush Kapoor of Shardul Amarchand Mangaldas & Co acted as a legal adviser to News Corporation.

HT Media Limited (BSE:532662) completed the acquisition of Mosaic Media Ventures Private Limited from NWS Digital Asia Pte Ltd and News Corporation (NasdaqGS:NWSA) on December 2, 2020.