Network 18 Media & Investments Ltd today said it has received the Board's approval to divest its stake in business directories – Yellow Pages and ASK Me. "The Board of Directors at its meeting held on February 21, 2013, have accorded its approval to evaluate opportunities and sell/divest its undertaking comprising of Business Directories viz 'Yellow Pages' and 'ASK Me'," Network 18 said in a filing to the BSE.
This is in line with the company's stated objective of monetising non-core assets profitably, it added. In December, Network18 sold its entire stake in financial data and news terminal business 'NewsWire18' to private equity firm Samara Capital for Rs 90 crore. Earlier, Network18 had also sold its stake in one of the Capital18 investee companies — NetworkPlay and then partially diluted its stake in digital commerce firm — Bookmyshow.Com.
AskMe allows people to search for companies, products and services online as well as on phone, while Infomedia Yellow Pages is an online local search service that helps buyers find businesses. The Board of Directors will also seek the approval of the members for aforesaid divestment by way of a postal ballot.
Network18 Media and Investments posted a consolidated net profit of Rs 6.84 crore for October-December 2012 period, after many quarters of loss. Its consolidated revenues for the said quarter stood at Rs 697.4 crore. Of this, television and motion pictures business accounted for Rs 542 crore, while digital content & eCommerce and allied businesses contributed Rs 119.6 crore and Rs 80.7 crore, respectively. (टीओआई)