Viacom 18 is in plans to buy out the Indian Film Company (TIFC), which has a market capital of $31.35 million as a part of their target to expand the entertainment space. Network 18 which owns about 80.4 percent of TIFC along with its affiliates will consider the sale of stake in the London listed firm.
With Viacom and IBN18 consenting to provide the required funding for the acquisition, Network 18 will have their board meeting on July 7 to restructure their proposal. Cairn Financial Advisers is financial advisor to TIFC, which was listed on London's Alternative Investment Market in June 2007 and raised $83.4 million to fund its portfolio of films which included 'Road Movie' and 'It's A Wonderful Afterlife.'
In a release to stock exchanges the acquiring company said, "As part of the company's planned expansion in the entertainment space and acquisition of synergistic content, Viacom18 is contemplating making the offer. This possible offer is in the process of being formulated and subject to a number of pre-conditions, will only be made if and when all such pre-conditions are satisfied and will be made in full compliance of the U.K. Takeover Code and other regulations."
TIFC had given some hits with movies like 'Jab we Met,' 'Welcome' and 'Golmaal Returns'. Incidentally, this fiscal year it had a poor performance like 'Shortkut - The Con is On,' 'Luck,' and 'Life Partner.' It had also recorded a net loss of $6.9 million compared to a net profit of $5.89 million in the previous year.
No comments:
Post a Comment