# Network18 Group

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{{Short description|Indian media conglomerate}}
{{good article}}

{{Use dmy dates|date=June 2020}}
{{Use Indian English|date=January 2021}}
{{Infobox company
| name = Network18 Media & Investments Limited
| logo = Network 18 2016.svg
| type = [Public](/source/Public_limited_company)
| traded_as = {{plainlist|
*{{BSE|532798}}
*{{NSE|Network18}}}}
| ISIN = {{ISIN|sl=n|pl=y|INE870H01013}}
| industry = [Media](/source/Mass_media)
| predecessor = 
| founded = {{Start date and age|df=yes|1996|02|16}}
| key_people = [Adil Zainulbhai](/source/Adil_Zainulbhai)<br> {{small|([Chairman](/source/Chairman))}}<br>Rahul Joshi<br>{{small|([MD](/source/Managing_Director), [CEO](/source/CEO) and [editor-in-chief](/source/editor-in-chief))}}
| products = 
| revenue = {{increase}} {{INRConvert|6887.92|c}}
| revenue_year = 2025
| operating_income = {{Profit}} {{INRConvert|208.26|c}}
| income_year = 2025
| net_income = {{loss}} {{INRConvert|-510.25|c}}
| net_income_year = 2025
| assets = {{increase}} {{INRConvert|8317.51|c}}
| assets_year = 2025
| equity = {{increase}} {{INRConvert|4671.84|c}}
| equity_year = 2025
| num_employees = 4,886 (2025)
| owner = {{Ubl|
[Reliance Industries](/source/Reliance_Industries) (56.89%)|
Equity holdings (43.11%)}}
| divisions = 
| homepage = {{URL|https://www.nw18.com/}}
| footnotes = Financials {{as of|2025|03|31|lc=y|df=yes}}.<ref name="nw18Q4">{{Cite web|url=https://www.nw18.com/investors|title=Network18 Group Annual Report 2025|access-date=9 May 2025|work=Network18 Media & Investments Limited}}</ref>
}}

'''Network18 Media & Investments Limited''' ([d/b/a](/source/d%2Fb%2Fa) '''Network18 Group''') is an Indian [media conglomerate](/source/media_conglomerate) owned by the [Reliance Industries](/source/Reliance_Industries) with 56.89% share headed by [Mukesh Ambani](/source/Mukesh_Ambani) and rest of 43.11% is equity holding.<ref name=":40" /> Rahul Joshi is the managing director, [chief executive officer](/source/chief_executive_officer) and group [editor-in-chief](/source/editor-in-chief), and [Adil Zainulbhai](/source/Adil_Zainulbhai) is the chairman of its board of directors.

Incorporated in 1996 by Geeta and Rakesh Gupta, the company was acquired by [Ritu Kapur](/source/Ritu_Kapur) and [Raghav Bahl](/source/Raghav_Bahl) to be converted into a conglomerate holding company between 2003 and 2006. It oversaw one of the largest collections of media properties in India following its conversion but became encumbered with debt due to aggressive expansions. In 2012, the company entered into a debt agreement with [Reliance Industries](/source/Reliance_Industries), through which it was granted a number of channels from the [ETV Network](/source/ETV_Network). The agreement eventually enabled a [hostile takeover](/source/hostile_takeover) of the company in 2014.

== History ==

=== 1996–2007: Acquisition and restructuring ===
SGA Finance and Management Services was incorporated on 16 February 1996,<ref name=":12">{{Cite news|last=|first=|date=|title=Network 18 Media & Investments Ltd.|work=[Business Standard](/source/Business_Standard)|url=https://www.business-standard.com/company/netwrk-18-media-27697/information/company-history|url-status=live|access-date=2021-01-11|archive-date=11 August 2021|archive-url=https://web.archive.org/web/20210811050851/https://www.business-standard.com/company/netwrk-18-media-27697/information/company-history}}</ref> as a [private limited company](/source/private_limited_company) by Geeta and Rakesh Gupta and acquired soon afterwards by Vidya Devi and Anil Jindal. The company had remained inactive without any clear prospects until it was later acquired by the promoters of Television Eighteen India Limited.<ref name=":0">{{Cite web|last=|first=|date=13 May 2017|title=Network 18 Part II: The restructuring game|url=http://asu.thehoot.org/story_popup/network-18-part-ii-the-restructuring-game-10089|url-status=live|archive-url=https://web.archive.org/web/20190104205016/http://asu.thehoot.org/story_popup/network-18-part-ii-the-restructuring-game-10089|archive-date=4 January 2019|access-date=2021-01-11|website=[The Hoot](/source/Sevanti_Ninan)}}</ref>

The news broadcasting company Television Eighteen (TEIL) founded by [Ritu Kapur](/source/Ritu_Kapur) and [Raghav Bahl](/source/Raghav_Bahl), became a [public limited company](/source/public_limited_company) in 1999 and its [initial public offering](/source/initial_public_offering) (IPO) received an overwhelming response.<ref name=":0" /><ref name=":13">{{Cite web|date=13 May 2017|title=Network 18 Part I: Beginning with a bang|url=http://asu.thehoot.org/media-watch/media-business/network-18-part-1-beginning-with-a-bang-10088|url-status=live|access-date=2021-06-08|website=[The Hoot](/source/Sevanti_Ninan)|archive-date=8 June 2021|archive-url=https://web.archive.org/web/20210608124004/http://asu.thehoot.org/media-watch/media-business/network-18-part-1-beginning-with-a-bang-10088}}</ref> The investments through the IPO exceeded the target set by the company by a magnitude of over 50 times by the end of the year, raising {{INRConvert|2511|c|year=2019}} in the process.<ref name="Bhatia-2013" />{{rp|page=2}} This decreased the promoters' stake in the company from 75% to 26.11% by 2002 causing complications. The company was in the middle of preparations to launch a Hindi business news channel but could no longer meet regulatory guidelines.<ref name=":0" /> TEIL was in a joint venture with [CNBC](/source/CNBC) since 1998,<ref name=":5">{{Cite web|last=Bansal|first=Shuchi|date=2015-01-10|title=Raghav Bahl: The digital ball game|url=https://www.livemint.com/Leisure/HY1h1x5IXmLBCkPZFV7J1J/Raghav-Bahl-The-digital-ball-game.html|url-status=live|archive-url=https://web.archive.org/web/20210116070725/https://www.livemint.com/Leisure/HY1h1x5IXmLBCkPZFV7J1J/Raghav-Bahl-The-digital-ball-game.html|archive-date=16 January 2021|access-date=2021-01-11|website=[Livemint](/source/Livemint)|language=en}}</ref> and the news channel to be launched was called [CNBC Awaaz](/source/CNBC_Awaaz).<ref>{{Cite book|url=https://books.google.com/books?id=HaNaAAAAYAAJ|title=Business World|publisher=[Ananda Bazar Patrika Limited](/source/ABP_Group)|year=2006|volume=26|pages=32|language=en}}</ref> The guidelines required the Indian promoters to have more than 51% stake in their company to be able to establish a new [uplink](/source/uplink) for broadcasting.<ref name=":0" />
[[File:CNBC Awaaz News Van.jpg|thumb|[Production truck](/source/Production_truck) of [CNBC Awaaz](/source/CNBC_Awaaz) on the street (2006)|320x320px]]
In 2003, SGA Finance was acquired by Ritu Kapur and Raghav Bahl, in to order to launch the channel and Bahl became its managing director. The company raised {{INRConvert|5|c|year=2019}} through two batches of investments from the two promoters in March 2003 and in January 2004, and then incorporated a subsidiary called SGA News.<ref name=":0" /> In the meantime, the government introduced a 26% foreign equity cap in the news broadcasting industry. In response to the new regulations the joint venture with CNBC was discarded and the partnership converted into a [content branding and franchise](/source/Franchising) agreement.<ref name=":5" /> In the financial year 2004–2005, TEIL invested {{INRConvert|25|c|year=2019}} in SGA News for [preferences stocks](/source/Preferred_stock).<ref name=":0" /> CNBC Awaaz was launched on 13 January 2005.<ref name=":40">{{Cite book|last=Kannan|first=Indira|title=Network18: The Audacious Story of a Start-up That Became a Media Empire|year=2017|publisher=[Penguin Random House](/source/Penguin_Random_House)|isbn=978-93-86057-85-3|language=en|chapter=Part 2: A Channel is Born}}</ref>

In the financial year 2005–2006, TEIL supplemented its initial investment with an additional {{INRConvert|39.10|c|year=2019}} in SGA News for [common stocks](/source/common_stocks). Following this, the boards of both the companies proposed a restructuring which received approval from the shareholders. The companies underwent several rounds of restructuring which came to a conclusion in November 2006. TEIL became a subsidiary of SGA Finance, the promoters gained a majority stake in TEIL, CNBC Awaaz was transferred to TEIL and shareholders of TEIL were accommodated with a stake in SGA Finance.<ref name=":0" /> On 20 October 2006, SGA Finance was converted into a public limited company and re-incorporated as Network18 Fincap Limited.<ref name=":12" />

During the restructuring process, TEIL had also founded a subsidiary called Global Broadcast News (GBN).<ref name=":0" /> GBN had entered into a franchising partnership with [CNN Worldwide](/source/CNN_Worldwide) to launch the English general news channel [CNN IBN](/source/CNN_IBN) in December 2005.<ref name=":19" /> Bahl was able to convince several senior professionals working at the leading news broadcaster [NDTV](/source/NDTV) including their editor-in-chief [Rajdeep Sardesai](/source/Rajdeep_Sardesai) and the chief financial officer (CFO) Sameer Manchanda to join the enterprise before its launch.<ref name="Kaushik-TheTempest_">{{Cite news|last=Kaushik|first=Krishn|date=15 December 2015|title=The Tempest|language=en|page=2|website=[The Caravan](/source/The_Caravan)|url=https://caravanmagazine.in/reportage/the-tempest-prannoy-radhika-roy-ndtv|url-status=live|url-access=subscription|access-date=10 December 2020|archive-url=https://web.archive.org/web/20201210181638/https://caravanmagazine.in/reportage/the-tempest-prannoy-radhika-roy-ndtv|archive-date=10 December 2020}}</ref> Haresh Chawla, the CEO of TEIL and Network18 was instrumental in both convincing Sardesai to quit and Bahl to take on NDTV as their competition.<ref name="Bhatia-2013" />{{rp|page=3}} Due to the restructuring, Network18 instead of TEIL was allotted the shares of GBN and by the end of the financial year 2006–2007, Network18 held both GBN and TEIL as its subsidiaries; GBN operated CNN IBN and TEIL operating all the business news channels along with the information websites ''Moneycontrol'' and ''News Wire''.<ref name=":0" /> Network18 was converted into a public limited company in 2006, and listed on the [Bombay Stock Exchange](/source/Bombay_Stock_Exchange) (BSE) and the [National Stock Exchange](/source/National_Stock_Exchange_of_India) (NSE) in 2007.<ref>{{Cite book|last=Punathambekar|first=Aswin|title=From Bombay to Bollywood: The Making of a Global Media Industry|year=2013|publisher=[NYU Press](/source/NYU_Press)|isbn=978-0-8147-2949-6|page=192|language=en}}</ref>

=== 2007–2011: Expansion, consolidation and increasing debt ===
Global Broadcast News (GBN), the subsidiary operating CNN IBN became a publicly traded company in January 2007 and its IPO generated a successful response, similar to that of Television Eighteen India Limited (TEIL).<ref name=":0" /><ref name=":13" /> GBN was renamed as IBN18 Broadcast,<ref name=":15">{{Cite web|date=13 May 2017|title=Network 18 Part III: Going under|url=http://asu.thehoot.org/media-watch/media-business/network-18-part-iii-going-under-10091|url-status=live|access-date=2021-06-08|website=[The Hoot](/source/Sevanti_Ninan)|archive-date=8 June 2021|archive-url=https://web.archive.org/web/20210608175537/http://asu.thehoot.org/media-watch/media-business/network-18-part-iii-going-under-10091}}</ref> and on 1 December 2007, Network18 Fincap itself was renamed to Network18 Media & Investments.<ref name=":12" /> Network18 began diversifying with cross media interests in 2008.<ref name=":192">{{Cite journal|last1=Bhattacharya|first1=Anuradha|last2=Agarwal|first2=Anushi|date=2015-06-05|title=Mapping the Power of Major Media Companies in India|url=https://www.epw.in/journal/2018/29/special-articles/mapping-power-major-media-companies.html|url-status=live|journal=[Economic and Political Weekly](/source/Economic_and_Political_Weekly)|language=en|volume=53|issue=29|pages=7–8|url-access=subscription|archive-url=https://web.archive.org/web/20210611092258/https://www.epw.in/journal/2018/29/special-articles/mapping-power-major-media-companies.html|archive-date=11 June 2021|access-date=11 June 2021}}</ref> It had high liquidity and expanded rapidly, it started the film production house called Indian Film Company (IFC),<ref name="Bhatia-2013" />{{rp|page=3}} launched the shopping channel [Home Shop18](/source/Home_Shop_18),<ref name=":15" /> and entered into an franchise agreement to launch the [Indian edition of the ''Forbes''](/source/Forbes_India) business magazine,<ref name=":28">{{Cite web|last=Pahwa|first=Nikhil|date=2010-07-08|title=Network18 Consolidates Digital, Publishing Under NW18, TV Biz Under TV18|url=https://www.medianama.com/2010/07/223-network18-restructuring-tv18/|url-access=limited|url-status=live|archive-url=https://web.archive.org/web/20210624200530/https://www.medianama.com/2010/07/223-network18-restructuring-tv18/|archive-date=24 June 2021|access-date=2021-06-17|website=[MediaNama](/source/MediaNama)|language=en-US}}</ref> while IBN18 Broadcast entered into a joint venture with the [Marathi language](/source/Marathi_language) newspaper ''[Lokmat](/source/Lokmat)'' to launch the Marathi news channel [IBN Lokmat](/source/IBN_Lokmat),<ref>{{Cite web|date=2010-08-04|others=[Press Trust of India](/source/Press_Trust_of_India)|title=Network18 forms JV with AETN to launch channels in India|url=https://www.deccanherald.com/content/86069/network18-forms-jv-aetn-launch.html|url-status=live|access-date=2021-06-17|website=[Deccan Herald](/source/Deccan_Herald)|language=en|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624200126/https://www.deccanherald.com/content/86069/network18-forms-jv-aetn-launch.html}}</ref> and began a joint venture with [ViacomCBS](/source/ViacomCBS) to initiate the group's foray in mass media and general entertainment channels under [Viacom18](/source/Viacom18).<ref>{{Cite book|last=Kohli-Khandekar|first=Vanita|title=The Indian Media Business|publisher=[Sage Publications](/source/Sage_Publications)|year=2013|isbn=978-81-321-1356-0|page=153|language=en}}</ref>

Network18 registered losses in the financial years 2008–2009 and 2009–2010. Its investments had outstripped the profits generated by its operational assets. In addition, the group had existing debt obligations and requirements for providing [returns to its investors](/source/Investment_return) which resulted in net losses of {{INRConvert|331.64|c|year=2019}} and {{INRConvert|276.89|c|year=2019}} respectively. Viacom18 in particular was a drain on the company's funds. The financial statement of the company in 2009 had reported that it was retiring outstanding debt and raising funds through equity investments. In response to the financial challenges, the group began restructuring and consolidating its assets in the same year. IBN18 Broadcast was renamed to [TV18 Broadcast](/source/TV18_Broadcast) and Television Eighteen India Limited (TEIL) which operated the business news channels of the company was merged into it.<ref name=":15" /> The digital media and publishing operations were transferred to the parent company Network18 under the divisions of [Web18 Software Services](/source/Web18_Software_Services) and Network18 Publishing respectively.<ref name=":28" /><ref>{{Cite web|last=Pahwa|first=Nikhil|date=2010-05-06|title=Web18 Launches Hindi.MoneyControl.com; What About AwaazKarobar?|url=https://www.medianama.com/2010/05/223-web18-launches-hindi-moneycontrol-com-what-about-awaazkarobar/|url-access=limited|url-status=live|archive-url=https://web.archive.org/web/20210611053832/https://www.medianama.com/2010/05/223-web18-launches-hindi-moneycontrol-com-what-about-awaazkarobar/|archive-date=11 June 2021|access-date=2021-06-11|website=[MediaNama](/source/MediaNama)|language=en-US}}</ref><ref name=":04">{{Cite web|last=SN|first=Vikas|date=2012-07-17|title=Network18 Consolidates Its Publishing Business Under 'Network18 Publishing'|url=https://www.medianama.com/2012/07/223-network18-consolidates-its-publishing-business-under-network18-publishing/|url-access=limited|url-status=live|archive-url=https://web.archive.org/web/20201129045134/https://www.medianama.com/2012/07/223-network18-consolidates-its-publishing-business-under-network18-publishing/|archive-date=29 November 2020|access-date=2021-01-15|website=[MediaNama](/source/MediaNama)|language=en-US}}</ref>

In the financial year 2010–2011, Network18 registered a loss of {{INRConvert|43.53|c|year=2019}}, which was a considerable decrease from the previous two years and Bahl reportedly told the shareholders during the presentation of the annual report that "the best times are still ahead of us".<ref name=":15" /> In 2010, Network18 went on to announce a new joint venture '''AETN18''' with the American media company [A&E Networks](/source/A%26E_Networks) to launch [History TV18](/source/History_TV18), the Indian edition of [History channel](/source/History_channel).<ref>{{Cite web|last=Pradhan|first=Anmol|date=2010-08-04|title=AETN And Network18 Form A 49:51 JV|url=https://www.medianama.com/2010/08/223-aetn-network18-joint-venture/|url-status=live|access-date=2021-06-11|website=[MediaNama](/source/MediaNama)|language=en-US|archive-date=11 June 2021|archive-url=https://web.archive.org/web/20210611053831/https://www.medianama.com/2010/08/223-aetn-network18-joint-venture/}}</ref> The company had also entered into a distribution joint venture with the [Sun Network](/source/Sun_Network) called Sun18. It had 2 divisions named Sun18 North and Sun18 South, the former was managed by Network18 and the latter by the Sun Network.<ref>{{Cite news|date=2010-07-13|title=Sun Network ties up with Network18 to form Sun18|language=en-IN|work=[The Hindu](/source/The_Hindu)|agency=[Press Trust of India](/source/Press_Trust_of_India)|url=https://www.thehindu.com/news/cities/chennai/Sun-Network-ties-up-with-Network18-to-form-Sun18/article16195437.ece|url-status=live|url-access=limited|access-date=2021-06-23|archive-url=https://web.archive.org/web/20210624203613/https://www.thehindu.com/news/cities/chennai/Sun-Network-ties-up-with-Network18-to-form-Sun18/article16195437.ece|archive-date=24 June 2021|issn=0971-751X}}</ref> The joint venture was later restricted to [Tamil Nadu](/source/Tamil_Nadu) and replaced by the TV18–Viacom18 distribution joint venture IndiaCast in 2012.<ref>{{Cite web|last=SN|first=Vikas|date=2012-06-05|title=TV18 & Viacom18 To Launch JV Company IndiaCast For Content Monetization & Distribution|url=https://www.medianama.com/2012/06/223-tv18-viacom18-to-launch-jv-company-indiacast-for-content-monetization-distribution/|url-access=limited|url-status=live|archive-url=https://web.archive.org/web/20210624211316/https://www.medianama.com/2012/06/223-tv18-viacom18-to-launch-jv-company-indiacast-for-content-monetization-distribution/|archive-date=24 June 2021|access-date=2021-06-23|website=[MediaNama](/source/MediaNama)|language=en-US}}</ref> The consolidation of assets was completed by 2011 but it alone could not mitigate the financial challenges.<ref name=":15" /> Over the past years, the market had changed rapidly, the group was facing increased competition from other broadcasters,<ref name="Bhatia-2013">{{Cite web|last=Bhatia|first=Rahul|date=1 December 2013|title=Network effect|url=https://caravanmagazine.in/reportage/network-effect|url-access=subscription|url-status=live|archive-url=https://web.archive.org/web/20201229101251/https://caravanmagazine.in/reportage/network-effect|archive-date=29 December 2020|access-date=2021-01-13|website=[The Caravan](/source/The_Caravan)|language=en}}</ref>{{rp|page=4}} and advertising revenue had decreased due to economic downturn.<ref name=":5" />

=== 2011–2014: Takeover by Reliance Industries ===
Network18 had made optimistic projections for years but after 2011, it came to face a possible financial collapse and loss of control for its managing director Raghav Bahl.<ref name=":15" /> The group had accumulated an outstanding debt of over {{INRConvert|1400|c|year=2019}} by September 2011.<ref name=":7" />  Employees were convinced that the company had expanded too aggressively and the market could not support it. In search of assistance in the form of external financing, Bahl decided to begin talks with the multinational energy giant [Reliance Industries](/source/Reliance_Industries).<ref name="Bhatia-2013" />{{rp|page=3}}

In November 2011, the CEO, Haresh Chawla resigned despite having been one of the founders of the media conglomerate.<ref name="Bhatia-2013" />{{rp|page=3}} According to company insiders, he was persistently trying to convince Bahl to not enter into a debt agreement with [Mukesh Ambani](/source/Mukesh_Ambani) and instead raise funds by divesting part of the group's stake in the subsidiary Viacom18.<ref name=":7" /> In a later interview, he had commented that his resignation was an easy decision as he did not want anything to do with the Ambanis. According to a senior editor at the group, the decision to enter the talks was made reluctantly, as "[Bahl] was in a bind about entering a pact with the devil".<ref name="Bhatia-2013" />{{rp|page=3}}
[[File:Mukesh Ambani.jpg|left|thumb|[Mukesh Ambani](/source/Mukesh_Ambani), the chairman of [Reliance Industries Limited](/source/Reliance_Industries_Limited) (RIL)|291x291px]]
On 3 January 2012, Reliance Industries Limited (RIL) and Network18 announced a partnership.<ref name="Bhatia-2013" />{{rp|page=2}}<ref name=":17">{{Cite journal|last1=Thakurta|first1=Paranjoy Guha|author-link=Paranjoy Guha Thakurta|last2=Chaturvedi|first2=Subi|date=2012|title=Corporatisation of the Media: Implications of the RIL-Network18-Eenadu Deal|url=https://www.jstor.org/stable/41419787|journal=[Economic and Political Weekly](/source/Economic_and_Political_Weekly)|volume=47|issue=7|pages=10–13|jstor=41419787|issn=0012-9976|access-date=10 June 2021|archive-date=10 June 2021|archive-url=https://web.archive.org/web/20210610144308/https://www.jstor.org/stable/41419787|url-status=live}}</ref> Reliance Industries set up a body called the Independent Media Trust (IMT) and infused funds into the company through a number of shell companies as part of a complex financial transaction.<ref name=":16" /> {{INRConvert|5400|c|year=2019}} was transferred to Network18 and TV18 Broadcast, half the amount to each respectively, of which Network18 received a net amount of {{INRConvert|4000|c|year=2019}} due to its stake in TV18.<ref>{{Cite web|last=Bamzai|first=Sandeep|date=23 January 2012|title=RIL deal-Network18: Is Mukesh Ambani the new media mogul|url=https://www.indiatoday.in/magazine/nation/story/20120123-bailout-for-raghav-bahl-network-18-signals-mukesh-ambani-willing-to-bet-big-money-on-media-756973-2012-01-14|url-status=live|access-date=2021-06-10|website=[India Today](/source/India_Today)|language=en|archive-date=10 June 2021|archive-url=https://web.archive.org/web/20210610144256/https://www.indiatoday.in/magazine/nation/story/20120123-bailout-for-raghav-bahl-network-18-signals-mukesh-ambani-willing-to-bet-big-money-on-media-756973-2012-01-14}}</ref> The shell companies gained rights to [debentures](/source/debentures) convertible to equity within 10 years.<ref name=":16" /> RIL also forced Network18 to buy its stakeholding in [ETV Network](/source/ETV_Network) for a sum of {{INRConvert|2100|c|year=2019}} without which the net sum would have been for a much smaller amount.<ref name=":7" /> The purchase also included two regional broadcasters; Panorama and Prism.<ref name=":27" /> The acquisition included most of the television broadcasting properties of the [Ramoji Group](/source/Ramoji_Group). The group retained the rights to ETV brand, while Network18 acquired 100% shareholding of 5 general news channels, 50% shareholding of 5 general entertainment channels and 24.5% shareholding in 2 other channels.<ref>{{Cite news|last=Donthi|first=Praveen|date=2014-12-06|title=Ramoji Rao's shrinking empire|work=[Business Standard](/source/Business_Standard)|url=https://www.business-standard.com/article/beyond-business/the-shrinking-empire-114120501253_1.html|access-date=2021-06-28|archive-date=28 June 2021|archive-url=https://web.archive.org/web/20210628042358/https://www.business-standard.com/article/beyond-business/the-shrinking-empire-114120501253_1.html|url-status=live}}</ref> The entertainment channels were held by the joint venture of Viacom18.<ref name=":38">{{Cite news|last=Kar|first=Sayantani|date=2014-04-13|title=ETV gets a comeback script|work=[Business Standard](/source/Business_Standard)|url=https://www.business-standard.com/article/management/etv-gets-a-comeback-script-114041300682_1.html|access-date=2021-06-28|archive-date=28 June 2021|archive-url=https://web.archive.org/web/20210628041232/https://www.business-standard.com/article/management/etv-gets-a-comeback-script-114041300682_1.html|url-status=live}}</ref> One point of disagreement for Chawla had been in the valuation of ETV at {{INRConvert|3500|c|year=2019}} when the company was worth only {{INRConvert|525|c|year=2019}} in March 2011.<ref name=":18">{{Cite news|last=Kohli-Khandekar|first=Vanita|date=2014-07-07|title=What legacy does Raghav Bahl leave behind?|work=[Business Standard](/source/Business_Standard)|url=https://www.business-standard.com/article/companies/what-legacy-does-raghav-bahl-leave-behind-114070701155_1.html|access-date=2021-06-10|archive-date=10 June 2021|archive-url=https://web.archive.org/web/20210610144308/https://www.business-standard.com/article/companies/what-legacy-does-raghav-bahl-leave-behind-114070701155_1.html|url-status=live}}</ref>

The transaction was completed in 2013,<ref name=":192"/> and turned Network18 into the largest group of media companies in India, surpassing [Star India](/source/Star_India) owned by the billionaire media mogul [Rupert Murdoch](/source/Rupert_Murdoch) and [The Times Group](/source/The_Times_Group) owned by the [Sahu Jain family](/source/Sahu_Jain_family). The [broadband](/source/broadband) subsidiary of RIL, [Infotel](/source/Infotel) signed a [memorandum of understanding](/source/memorandum_of_understanding) with the group and gained preferential access to its content.<ref name=":17" /> In the form of a passive investor, RIL had indirect control over the company,<ref name=":7" /> and authority over its financial decisions. The executives retained operational control of the company.<ref name=":16" /> On 12 November 2012, IMT passed a resolution which allowed two senior officials from RIL to be appointed as additional trustees and Bahl lost further control within the trust. IMT held the option of converting the debentures to equity which could turn RIL into the majority shareholder of Network18.<ref name=":16" />

In 2013, Network18 had become debt free,<ref name=":7" /> and RIL's investment had led to assumptions that it would not initiate any further cost cutting measures.<ref name="Bhatia-2013" />{{rp|page=1}} Viacom18 after being a drain on the network's finances for years had finished its long germination period and had entered into a period of exponential growth.<ref name=":15" /> However, on 16 August 2013, the company carried out an unexpected large scale wage reduction and staff lay-offs which came to be known as "Black Friday" among the employees. In the news branches, the lay-offs included around 300 producers, journalists and other staff, who were fired in no recognisable pattern in terms of salary, seniority or branch.<ref name="Bhatia-2013" />{{rp|page=1}} There was ambiguity over severance packages and compensations and the human resources department was accompanied by executives of the RIL backed IMT in abrupt handing out of termination letters to employees without prior notice, who were then told to leave within 10 minutes.<ref>{{Cite web|date=22 August 2013|title=Network 18 – Skeleton Crew|url=https://www.newslaundry.com/2013/08/22/network-18-skeleton-crew|url-status=live|access-date=2021-06-16|website=[Newslaundry](/source/Newslaundry)|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624195639/https://www.newslaundry.com/2013/08/22/network-18-skeleton-crew}}</ref> This further led to [job insecurity](/source/job_insecurity) among employees, many of whom began applying for and were hired by competing news broadcasters in the following period.<ref name="Bhatia-2013" />{{rp|page=1}}

In the months of November–December, the network's coverage of [Arvind Kejriwal](/source/Arvind_Kejriwal) started to become a source of contention with RIL and Ambani.<ref name=":7" /> Kejriwal was the head of the [India Against Corruption](/source/India_Against_Corruption) (IAC) movement and had made several allegations against various politicians and businessmen, including Mukesh Ambani.<ref name=":7" /><ref name=":16" /> His allegations against Ambani and RIL was over irregularities in pricing of [natural gas](/source/natural_gas) in the [Krishna Godavari Basin](/source/Krishna_Godavari_Basin) which received national media attention and was reported on by Network18 as well.<ref name=":7" />

RIL denied the allegation and reacted by threatening to file a lawsuit against Kejriwal but without any effect. Following which, the energy giant reportedly attempted to pressurise Network18 into censoring any and all coverage of IAC and Kejriwal including in March 2014, in a direct communication between Ambani and Rajdeep Sardesai, the managing editor of CNN IBN and [IBN 7](/source/IBN_7).<ref name=":7" /> In the previous years, one allegation that had come up against Ambani was that he had bailed out [Ramoji Rao](/source/Ramoji_Rao) in the Margdarsai chit fund scandal and in the process gained stake in Rao's ETV Network, the same company which RIL had forced Network18 to buy a stake in.<ref name=":17" /> According to an anonymous insider present at a meeting between the executives of Network18 and RIL, the right-hand man of Ambani, Manoj Modi had threatened Bahl by stating "You are calling us a dacoit, you are shouting that we are crony capitalists. If that is so, then why did you come to us for money in the first place? Do you think you have a clean record?"<ref name=":7" />

Around the same time, the network increasingly began leaning right wing and attempted to publicise [Narendra Modi](/source/Narendra_Modi) as the prospective prime ministerial candidate with feature pieces and continuous reporting.<ref name="Bhatia-2013" />{{rp|page=4}}<ref>{{Cite book|last=Basu|first=Anustup|title=Hindutva as Political Monotheism|date=2020|publisher=[Duke University Press](/source/Duke_University_Press)|isbn=978-1-4780-1249-8|page=168|language=en}}</ref> The network dedicated more hours than any other broadcaster to Modi and disproportionately more compared to other candidates.<ref name="Bhatia-2013" />{{rp|page=4}} The executives of Network18 were eager to repay the loan to RIL and get rid of Ambani's influence over the company.<ref name=":7" /> Reports have suggested that the network's coverage of Kejriwal became the trigger for the company to initiate a takeover.<ref name=":18" /> RIL communicated its intention to Bahl, offering him the option of continuing as managing editor with a {{INRConvert|20|c|year=2019}} annual salary and gave him 3 days to make his decision. He rejected the offer and on 27 May 2014, announced in midst of a routine meeting with his board of directors that he was going to resign as RIL wanted to takeover and nothing could be done about it.<ref name=":7" />

The announcement caused an exodus of employees from the company which included senior journalists and executives. [B. Sai Kumar](/source/B._Sai_Kumar) (CEO) and Ajay Chacko (COO) resigned on 28 May 2014. From the following day, a stream of resignations started coming in while RIL released a press statement that it had gained complete control of the company, R. D. S. Bawa (CFO) and [Ritu Kapur](/source/Ritu_Kapur) (co-promoter and one of the directors) resigned on the same day. The legal [general counsel](/source/general_counsel) to the company, Kshipra Jatana resigned from her position but stayed on to oversee the transfer of ownership.<ref name=":7" /> She was appointed as the manager of the company for the interim period since Bahl had resigned as well.<ref name=":20" />

Bahl and Kapur received {{INRConvert|706.96|c|year=2019}} for RIL to acquire their remaining shares. The net valuation of the company was at {{INRConvert|4295|c|year=2019}}, whereas the net cash flow for RIL stood at {{INRConvert|1341|c|year=2019}} in the multi year transaction between 2011 and 2014 including those related to ETV. RIL had mitigated costs in this period through returns from the investments in the two companies and from selling the shares it had acquired in Network18's subsidiaries themselves. It was noted that due to the structure of the transaction, RIL had in effect partly financed its takeover by raising funds from the company's own subsidiaries such as TV18 Broadcast.<ref name=":16" /> The takeover process was completed on 7 July 2014; IMT and its sole benefactor RIL became the new promoters group.<ref>{{Cite news|date=2014-07-07|title=RIL takes control of Network18, TV18|language=en-IN|work=[The Hindu](/source/The_Hindu)|agency=[Press Trust of India](/source/Press_Trust_of_India)|url=https://www.thehindu.com/business/Industry/ril-takes-control-of-network18-tv18/article6186250.ece|url-status=live|url-access=limited|access-date=2021-06-11|archive-url=https://web.archive.org/web/20210611131431/https://www.thehindu.com/business/Industry/ril-takes-control-of-network18-tv18/article6186250.ece|archive-date=11 June 2021|issn=0971-751X}}</ref>

=== 2014–Present: Reliance Industries era ===

Following the takeover, Reliance Industries Limited (RIL) reshuffled the management and board of directors of both Network18 and its subsidiary TV18 Broadcast.<ref name=":27">{{Cite web|date=13 May 2017|title=Network 18 Part IV: New owner, new broom|url=http://asu.thehoot.org/media-watch/media-business/network-18-part-iv-new-owner-new-broom-10090|url-status=live|access-date=2021-06-14|website=[The Hoot](/source/Sevanti_Ninan)|archive-date=8 June 2021|archive-url=https://web.archive.org/web/20210608124012/http://asu.thehoot.org/media-watch/media-business/network-18-part-iv-new-owner-new-broom-10090}}</ref> The nominees of the RIL backed Independent Media Trust (IMT) joined the board of Network18.<ref name=":26" /> [Deepak Parekh](/source/Deepak_Parekh), the chairman of [Housing Development Finance Corporation](/source/Housing_Development_Finance_Corporation) (HDFC) and [Adil Zainulbhai](/source/Adil_Zainulbhai) were also inducted into the company as independent directors in the board.<ref name=":26">{{Cite news|date=2014-07-07|title=Deepak Parekh and Adil Zainulbhai on Network18 board|work=[Business Standard](/source/Business_Standard)|url=https://www.business-standard.com/article/companies/deepak-parekh-and-adil-zainulbhai-on-network18-board-114070700704_1.html|access-date=2021-06-14|archive-date=14 June 2021|archive-url=https://web.archive.org/web/20210614102937/https://www.business-standard.com/article/companies/deepak-parekh-and-adil-zainulbhai-on-network18-board-114070700704_1.html|url-status=live}}</ref><ref>{{Cite web|last=Choudhary|first=Vidhi|date=2014-07-07|title=Reliance names Raghav Bahl Network 18 non-executive director|url=https://www.livemint.com/Home-Page/H8H3Y5hZjTHPtVcnI79mvO/Raghav-Bahl-named-nonexecutive-director-of-Network18.html|url-status=live|access-date=2021-06-14|website=[Livemint](/source/Livemint)|language=en|archive-date=14 June 2021|archive-url=https://web.archive.org/web/20210614124839/https://www.livemint.com/Home-Page/H8H3Y5hZjTHPtVcnI79mvO/Raghav-Bahl-named-nonexecutive-director-of-Network18.html}}</ref> While retaining the position of independent director at RIL and [Larsen & Toubro](/source/Larsen_%26_Toubro), and being the newly elected [Narendra Modi](/source/Narendra_Modi) government's appointment to the position of chairman of [Quality Council of India](/source/Quality_Council_of_India) (QCI),<ref name=":21" /> Zainulbhai was appointed by RIL to the position of chairman of the board.<ref name=":22" /> Commentators raised concerns that the editorial integrity of the network may not be preserved under the new management. The channels of the network had stopped all coverage of Kejriwal and the new [Aam Aadmi Party](/source/Aam_Aadmi_Party) who had levied corruption accusations at RIL. The editor-in-chief of the flagship general news channel CNN IBN, resigned within a week of the takeover with the reason that the management was interfering in editorial decision making and dictating what could or could not be aired.<ref>{{Cite book|last1=Gowda|first1=M. V. Rajeev|last2=Sharalaya|first2=Nandan|date=2016|editor-last=Khatri|editor-first=Naresh|editor2-last=Ojha|editor2-first=Abhoy K.|chapter=Crony Capitalism and India's Political System|chapter-url=https://doi.org/10.1007/978-1-137-58287-4_7|chapter-url-access=subscription|title=Crony Capitalism in India: Establishing Robust Counteractive Institutional Frameworks|series=Palgrave Studies in Indian Management|publisher=[Palgrave Macmillan](/source/Palgrave_Macmillan)|pages=131–158|language=en|doi=10.1007/978-1-137-58287-4_7|isbn=978-1-137-58287-4|place=London}}</ref>

A. P. Parigi, the former managing director and CEO of [Entertainment Network India Limited](/source/Entertainment_Network_India_Limited) ([The Times Group](/source/The_Times_Group) subsidiary operating [Radio Mirchi](/source/Radio_Mirchi)), was recruited by RIL and appointed as the new CEO of Network18 on 29 January 2015.<ref name=":23">{{Cite web|last=SN|first=Vikas|date=2015-01-14|title=AP Parigi is the new Network18 Group CEO|url=https://www.medianama.com/2015/01/223-ap-parigi-network18-group-ceo/|url-access=limited|url-status=live|archive-url=https://web.archive.org/web/20210624195138/https://www.medianama.com/2015/01/223-ap-parigi-network18-group-ceo/|archive-date=24 June 2021|access-date=2021-06-14|website=[MediaNama](/source/MediaNama)|language=en-US}}</ref> Parigi resigned as CEO and was moved to an advisory role in the company on 1 October.<ref name=":24">{{Cite web|last=Verma|first=Anuradha|date=2015-09-28|title=AP Parigi resigns as Network18 Group CEO|url=https://www.vccircle.com/ap-parigi-resigns-network18-group-ceo|url-status=live|access-date=2021-06-14|website=[VCCircle](/source/VCCircle)|language=en-US|archive-date=14 June 2021|archive-url=https://web.archive.org/web/20210614102935/https://www.vccircle.com/ap-parigi-resigns-network18-group-ceo}}</ref> Rahul Joshi replaced Parigi as the new CEO and was made the [editor-in-chief](/source/editor-in-chief) of the group.<ref name=":25" /> Joshi was the editorial director of ''[The Economic Times](/source/The_Economic_Times)'', a financial newspaper published by The Times Group before he had resigned from the company to join Network18 in August 2015.<ref name=":25">{{Cite web|last=Toms|first=Manu P.|date=2015-08-20|title=Rahul Joshi quits BCCL, to join Network18 as CEO News|url=https://www.vccircle.com/rahul-joshi-quits-bccl-join-network18-group-ceo|url-status=live|access-date=2021-06-14|website=[VCCircle](/source/VCCircle)|language=en-US|archive-date=24 October 2020|archive-url=https://web.archive.org/web/20201024002053/https://www.vccircle.com/rahul-joshi-quits-bccl-join-network18-group-ceo}}</ref> The editorial departments were unified with the operational and commercial divisions of the company, the chairman Zainulbhai stated that Pairigi had helped stabilise the operations and that Joshi would now run the company with an "ownership mindset".<ref name=":24" />

The acquisition of the company by RIL, the largest conglomerate in India with deep interests in the [energy sector](/source/energy_sector), was considered to be a part of a trend of growing [commodification](/source/commodification) of information, detrimental to the treatment of journalism as a [public service](/source/public_service). It increased the concentration of cross media ownership in the hands of a small group of large corporate actors in a market that was already [oligopolistic](/source/oligopolistic) and reduced the diversity of information disseminating outlets. Control over the news organisation, had strengthened RIL's ability to influence the formation of [public opinion](/source/public_opinion) and as a result the [political economy](/source/political_economy) of the country, and also decreased space for reporting which could be detrimental to the energy giant's interests and public relations.<ref name=":34" /> Between 2014 and 2016, Network18 attempted to expand into regional markets of the news broadcasting sector with a spate of new channels, which was seen with apprehension among media observers. The expansion occurred as part of RIL's {{INRConvert|150000|c|year=2019}} investment in the rollout of its [4G](/source/4G) data business.<ref name=":37">{{Cite web|last1=Issac|first1=Anna|last2=Ramanathan|first2=S.|date=2016-06-07|title=The Ambanification of TV news: Inside News18's regional news strategy|url=https://www.thenewsminute.com/article/ambanification-tv-news-inside-news18-s-regional-news-strategy-44490|url-status=live|archive-url=https://web.archive.org/web/20210624200730/https://www.thenewsminute.com/article/ambanification-tv-news-inside-news18-s-regional-news-strategy-44490|archive-date=24 June 2021|access-date=2021-06-18|website=[The News Minute](/source/The_News_Minute)|language=en}}</ref>

RIL had stated during the takeover that the acquisition would help in differentiating their 4G business through [corporate synergy](/source/corporate_synergy).<ref name=":02" /> Infotel, the broadband subsidiary of RIL had been reincorporated as [Reliance Jio Infocomm](/source/Reliance_Jio_Infocomm) and was in the process of launching its data transfer business.<ref name=":34">{{Cite journal|last=Thakurta|first=Paranjoy Guha|author-link=Paranjoy Guha Thakurta|date=2014|title=What Future for the Media in India? Reliance Takeover of Network18|url=https://www.jstor.org/stable/24479667|journal=[Economic and Political Weekly](/source/Economic_and_Political_Weekly)|volume=49|issue=25|pages=12–14|jstor=24479667|issn=0012-9976|access-date=18 June 2021|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624212938/https://www.jstor.org/stable/24479667|url-status=live}}</ref> It was suggested that the synergy would alleviate stresses posed by unstable market conditions in the news broadcast industry,<ref name=":27" /> while Jio would provide exclusive content from Network18 productions to increase traffic towards itself and expand its customer base. The synergy was however not adopted, according to analysts it was not financially beneficial to restrict content to only Jio customers and that Jio itself could be more profitable by being a [content aggregator](/source/News_aggregator) at competitive rates and still have a cost advantage due to its scale.<ref name=":29">{{Cite web|last=Joseph|first=Anto T.|date=4 December 2019|title=Why Mukesh Ambani's Reliance may be looking to exit the media business|url=https://www.newslaundry.com/2019/12/04/mukesh-ambanis-reliance-exit-media-business|access-date=2021-06-18|website=[Newslaundry](/source/Newslaundry)}}</ref> In 2016, Network18 undertook a rebranding operation, the IBN brand was phased out and replaced with News18, channels such as CNN IBN renamed to [CNN-News18](/source/CNN-News18),<ref>{{Cite web|date=20 January 2018|others=[Press Trust of India](/source/Press_Trust_of_India)|title=Network18 to rebrand CNN-IBN as CNN-News18|url=https://www.thehindubusinessline.com/info-tech/network18-to-rebrand-cnnibn-as-cnnnews18/article8490270.ece|url-status=live|access-date=2021-06-18|website=[Business Line](/source/Business_Line)|language=en|publication-date=18 April 2016|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624202403/https://www.thehindubusinessline.com/info-tech/network18-to-rebrand-cnnibn-as-cnnnews18/article8490270.ece}}</ref> and IBN7 renamed to [News18 India](/source/News18_India),<ref>{{Cite web|year=2019|title=News18 India|url=https://india.mom-rsf.org/en/media/detail/outlet/news18-india/|url-status=live|website=Media Ownership Monitor|publisher=[Reporters Without Borders](/source/Reporters_Without_Borders)|access-date=18 June 2021|archive-date=28 February 2021|archive-url=https://web.archive.org/web/20210228034256/http://india.mom-rsf.org/en/media/detail/outlet/news18-india/}}</ref> among others.<ref>{{Cite web|last=Choudhary|first=Vidhi|date=2016-04-15|title=TV18 to rebrand news channels, refresh content|url=https://www.livemint.com/Companies/5DC9n3C83OSBzsF7n4dXZI/As-ratings-slip-TV18-to-rebrand-news-channels-refresh-cont.html|url-status=live|access-date=2021-06-18|website=[Livemint](/source/Livemint)|language=en|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624201419/https://www.livemint.com/Companies/5DC9n3C83OSBzsF7n4dXZI/As-ratings-slip-TV18-to-rebrand-news-channels-refresh-cont.html}}</ref> Earlier in December 2015, [CNN Worldwide](/source/CNN_Worldwide) had finalised its decision to renew the franchise licensing agreement with Network18,<ref>{{Cite web|last=Choudhary|first=Vidhi|date=2015-12-01|title=TV18, CNN renew partnership for CNN-IBN|url=https://www.livemint.com/Consumer/IAEdPLQRX782Fu5BhxYapN/TV18-CNN-renew-partnership-for-CNNIBN.html|url-status=live|access-date=2021-06-20|website=[Livemint](/source/Livemint)|language=en|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624203122/https://www.livemint.com/Consumer/IAEdPLQRX782Fu5BhxYapN/TV18-CNN-renew-partnership-for-CNNIBN.html}}</ref> after a period of uncertainty.<ref name=":19">{{Cite web|last=Bansal|first=Shuchi|date=2015-06-29|title=CNN, IBN unlikely to renew deal on branding; Zee could step in|url=https://www.livemint.com/Consumer/r2nPBBZBv30GGOE2gzv8JO/CNN-IBN-may-not-renew-deal-on-branding-Zee-could-step-in.html|url-status=live|access-date=2021-06-20|website=[Livemint](/source/Livemint)|language=en|archive-date=21 September 2021|archive-url=https://web.archive.org/web/20210921163639/https://www.livemint.com/Consumer/r2nPBBZBv30GGOE2gzv8JO/CNN-IBN-may-not-renew-deal-on-branding-Zee-could-step-in.html}}</ref>

In May 2018, ''[Cobrapost](/source/Cobrapost)'' released a set of footages from a sting operation into several media organisations.<ref name=":32">{{Cite web|last=Kaushik|first=Krishn|date=2018-05-27|title=Cobrapost: Sting claims media houses open to 'paid Hindutva content', firms call it misleading|url=https://indianexpress.com/article/india/cobrapost-sting-media-houses-open-to-paid-hindutva-content-firms-call-it-misleading-times-group-india-today-ht-paytm-5192702/|url-status=live|access-date=2021-06-20|website=[The Indian Express](/source/The_Indian_Express)|language=en|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624204650/https://indianexpress.com/article/india/cobrapost-sting-media-houses-open-to-paid-hindutva-content-firms-call-it-misleading-times-group-india-today-ht-paytm-5192702/}}</ref> Network18 was one of the organisations featured,<ref name=":32" /><ref name=":33">{{Cite web|last=Harad|first=Tejas|date=30 May 2018|title=#Cobrapost sting and Hindutva in the newsroom|url=https://www.newslaundry.com/2018/05/30/cobrapost-sting-hindutva-newsroom-caste-big-media|url-status=live|access-date=2021-06-20|website=[Newslaundry](/source/Newslaundry)|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624204026/https://www.newslaundry.com/2018/05/30/cobrapost-sting-hindutva-newsroom-caste-big-media}}</ref> and the sting displayed positive responses from senior marketing executives of the company to a proposition of entering into an agreement for undisclosed [paid news](/source/Paid_news_in_India) to promote [Hindutva](/source/Hindutva) political propaganda.<ref name=":32" /> The executives included sales and marketing head of the group as well as the sales head of the ETV Network with the latter remarking that they were already pushing the ideology and would increase their efforts by 80–90% following the agreement.<ref name=":35">{{Cite web|last=Lahiri|first=Ishadrita|date=2018-05-25|title=Cobrapost Sting: Network18 Agrees to Run Polarising 'Paid News'|url=https://www.thequint.com/news/india/cobrapost-sting-alleges-that-network-18-agreed-to-run-propagandist-news|url-status=live|access-date=2021-06-20|website=[The Quint](/source/The_Quint)|language=en|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624202608/https://www.thequint.com/news/india/cobrapost-sting-alleges-that-network-18-agreed-to-run-propagandist-news}}</ref> The implications of the sting raised questions about [media independence](/source/media_independence) in India,<ref name=":36" /> and was described as a part of a phenomenon where the separation of editorial and marketing departments of news organisations are increasingly blurred due to advertisement business models.<ref name=":33" /> Several of the media houses denied the allegation put forth by the sting,<ref name=":36">{{Cite news|last=Rowlatt|first=Justin|author-link=Justin Rowlatt|date=2018-05-28|title=The story barely reported by Indian media|language=en-GB|work=[BBC News](/source/BBC_News)|url=https://www.bbc.com/news/world-asia-india-44280188|url-status=live|access-date=2021-06-20|archive-url=https://web.archive.org/web/20210723183045/https://www.bbc.com/news/world-asia-india-44280188|archive-date=23 July 2021}}</ref> Network18 did not respond to it.<ref name=":35" />

On 9 July 2018, Joshi was elevated to the position of managing director while retaining the designations of CEO and group editor-in-chief. Kshipra Jatana who had officially held the designation of managing director since Bahl's resgination was removed from the position.<ref name=":30" /> In 2019, Network18 initiated heavy cost cutting measures, increments and new hires were frozen while budgets for employing freelancers were greatly reduced. Newsrooms were demoralised as uncertainty grew among employees and outlets such as ''Firstpost'' which relied heavily on freelancers were severely affected in their operations. Economic slowdown had reduced advertisement revenues and the regional channels of the company had not been successful in their respective markets.<ref name=":29" /> The group had registered losses in the financial years of 2016–2017 and 2017–2018.<ref name=":27" /><ref>{{Cite news|date=2019-04-15|title=Network18 reports consolidated net loss of Rs 75.57 crore in Q4|work=[Business Standard](/source/Business_Standard)|agency=[Press Trust of India](/source/Press_Trust_of_India)|url=https://www.business-standard.com/article/pti-stories/network18-reports-q4-net-loss-of-rs-75-57-crore-119041500485_1.html|access-date=2021-06-20|archive-date=25 June 2021|archive-url=https://web.archive.org/web/20210625021042/https://www.business-standard.com/article/pti-stories/network18-reports-q4-net-loss-of-rs-75-57-crore-119041500485_1.html|url-status=live}}</ref>

On 21 November 2019, RIL entered into talks with the Japanese multinational media conglomerate [Sony Group](/source/Sony_Group) for consideration over a number of potential deal structures including merger options, schemes for acquisition of a stake in Network18 or the acquisition of the entertainment assets of the company, among others.<ref name=":3">{{Cite news|last1=Kalesh|first1=Baiju|last2=Antony|first2=Anto|last3=Sanjai|first3=P. R.|date=2019-11-21|title=Sony in talks to buy stake in Mukesh Ambani's Network18 TV media group|work=[Business Standard](/source/Business_Standard)|agency=[Bloomberg News](/source/Bloomberg_News)|url=https://www.business-standard.com/article/companies/sony-in-talks-to-buy-stake-in-mukesh-ambani-s-network18-tv-media-group-119112100508_1.html|access-date=2021-06-19|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624204417/https://www.business-standard.com/article/companies/sony-in-talks-to-buy-stake-in-mukesh-ambani-s-network18-tv-media-group-119112100508_1.html|url-status=live}}</ref><ref>{{Cite news|last=Gupta|first=Kanishka|date=2019-11-22|title=Sony plans to buy stake in Network18 Media group. What next?|work=[Business Standard](/source/Business_Standard)|url=https://www.business-standard.com/podcast/companies/sony-plans-to-buy-stake-in-network18-media-group-what-next-119112200493_1.html|access-date=2021-06-19|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624211423/https://www.business-standard.com/podcast/companies/sony-plans-to-buy-stake-in-network18-media-group-what-next-119112200493_1.html|url-status=live}}</ref> On 28 November, [Bloomberg](/source/Bloomberg_News) broke the news that Ambani was also in talks with The Times Group to potentially sell off the entire media conglomerate as it was suffering from losses.<ref>{{Cite web|last1=Kalesh|first1=Baiju|last2=Antony|first2=Anto|last3=Sanjai|first3=P. R.|date=28 November 2019|title=Ambani in Talks to Sell News Assets to Times Group|url=https://www.bloomberg.com/news/articles/2019-11-28/ambani-said-in-talks-to-sell-news-assets-to-india-s-times-group|url-status=live|access-date=2021-06-18|website=[Bloomberg News](/source/Bloomberg_News)|archive-date=22 April 2020|archive-url=https://web.archive.org/web/20200422232425/https://www.bloomberg.com/news/articles/2019-11-28/ambani-said-in-talks-to-sell-news-assets-to-india-s-times-group}}</ref> In response to the report, RIL released a statement describing it as "false and malicious".<ref name=":31">{{Cite web|last=Jha|first=Lata|date=2019-11-28|title=Network18 denies reports on assets sale to Times Group|url=https://www.livemint.com/companies/news/network18-denies-reports-on-assets-sale-to-times-group-11574964624529.html|url-status=live|access-date=2021-06-19|website=[Livemint](/source/Livemint)|language=en|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624201405/https://www.livemint.com/companies/news/network18-denies-reports-on-assets-sale-to-times-group-11574964624529.html}}</ref> The Times Group denied it but with an addendum that "[they] will explore all strategic options as they present". In the following period, Network18's business news website ''Moneycontrol'' published an article which claimed that the newly founded joint venture, [BloombergQuint](/source/BloombergQuint) was on the verge of collapse.<ref name=":29" /> The article was published 5 days after Bloomberg's report and was described as a retaliatory piece.<ref>{{Cite web|date=3 December 2019|title=Bloomberg's joint venture with Raghav Bahl's Quint 'all set to collapse', Bahl calls it a 'falsehood': MoneyControl|url=https://www.newslaundry.com/2019/12/03/bloomberg-quint-india-venture-collapse|url-status=live|access-date=2021-06-20|website=[Newslaundry](/source/Newslaundry)|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624202453/https://www.newslaundry.com/2019/12/03/bloomberg-quint-india-venture-collapse}}</ref>

In February 2020, RIL announced that it would consolidate its distribution and media businesses. The subsidiary TV18 Broadcast would be merged with Network18, which would acquire the cable distribution companies [DEN Networks](/source/DEN_Networks) and [Hathway Cable & Datacom](/source/Hathway_Cable_%26_Datacom) as two [wholly owned](/source/wholly_owned) subsidiaries,<ref>{{Cite web|last=Pathak|first=Kalpana|date=2020-02-17|title=RIL to merge its distribution, media business into Network18|url=https://www.livemint.com/companies/news/reliance-industries-to-reduce-holding-in-network18-from-75-to-64-11581958571161.html|url-status=live|access-date=2021-06-19|website=[Livemint](/source/Livemint)|language=en|archive-date=21 June 2021|archive-url=https://web.archive.org/web/20210621085416/https://www.livemint.com/companies/news/reliance-industries-to-reduce-holding-in-network18-from-75-to-64-11581958571161.html}}</ref><ref name=":4">{{Cite news|date=2020-02-17|title=RIL to consolidate media, distribution businesses|language=en-IN|work=[The Hindu](/source/The_Hindu)|url=https://www.thehindu.com/business/ril-to-consolidate-media-distribution-businesses/article30845766.ece|url-access=limited|access-date=2021-01-15|archive-url=https://web.archive.org/web/20200220040444/https://www.thehindu.com/business/ril-to-consolidate-media-distribution-businesses/article30845766.ece|archive-date=20 February 2020|issn=0971-751X}}</ref> RIL held the two companies through an earlier acquisition in October 2018.<ref>{{Cite web|last=Kundu|first=Rhik|date=2018-10-19|title=What Hathway and Den deals mean for Reliance Jio|url=https://www.livemint.com/Companies/CbIho0Mzxon95xTKoUh2EL/What-Hathway-and-Den-deals-mean-for-Reliance-Jio.html|url-status=live|archive-url=https://web.archive.org/web/20201109032047/https://www.livemint.com/Companies/CbIho0Mzxon95xTKoUh2EL/What-Hathway-and-Den-deals-mean-for-Reliance-Jio.html|archive-date=9 November 2020|access-date=2021-01-15|website=[Livemint](/source/Livemint)|language=en}}</ref><ref>{{Cite web|last=Kapoor|first=Mudit|date=23 October 2018|title=Reliance acquires 58.92% stake in Den Networks, 51.34% share in Hathway|url=https://www.businesstoday.in/top-story/reliance-acquires-58.92-stake-in-den-networks-51.34-share-in-hathway/story/286130.html|url-status=live|archive-url=https://web.archive.org/web/20201117083853/https://www.businesstoday.in/top-story/reliance-acquires-58.92-stake-in-den-networks-51.34-share-in-hathway/story/286130.html|archive-date=17 November 2020|access-date=2021-01-15|website=[Business Today](/source/Business_Today_(India))}}</ref> The merger would have converted the Network18 into an integrated media and distribution company.<ref name=":2">{{Cite web|date=22 April 2020|others=Chennai Bureau|title=Reliance-FB deal: Network18, Hathway, Den Network stocks in focus|url=https://www.thehindubusinessline.com/markets/stock-markets/reliance-fb-deal-network18-hathway-den-network-stocks-in-focus/article31402904.ece|url-status=live|access-date=2021-06-19|website=[Business Line](/source/Business_Line)|language=en|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624202224/https://www.thehindubusinessline.com/markets/stock-markets/reliance-fb-deal-network18-hathway-den-network-stocks-in-focus/article31402904.ece}}</ref> The shareholding of the RIL in Network18 was projected to be reduced to 64% from 75% upon conclusion of the transactions in the merger operations.<ref name=":6">{{Cite web|last=Ishwarbharat|first=Sai|date=17 February 2020|title=RIL To Merge TV18, Hathway And Den Networks With Network18|url=https://www.bloombergquint.com/business/ril-to-merge-tv18-hathway-and-den-networks-with-network18|url-access=limited|url-status=live|archive-url=https://web.archive.org/web/20200717034910/https://www.bloombergquint.com/business/ril-to-merge-tv18-hathway-and-den-networks-with-network18|archive-date=17 July 2020|access-date=2021-01-16|website=[BloombergQuint](/source/BloombergQuint)|language=en}}</ref><ref name=":2" /> According to some analysts, the consolidation would streamline the corporate structure of the company and make it a more attractive option for strategic investors,<ref>{{Cite web|last=Sanjai|first=P. R.|date=2020-02-18|others=[Bloomberg News](/source/Bloomberg_News)|title=Mukesh Ambani's RIL to merge its media and distribution business into Network18 Media & Investments|url=https://www.deccanherald.com/business/business-news/mukesh-ambanis-ril-to-merge-its-media-and-distribution-business-into-network18-media-investments-805746.html|url-status=live|access-date=2021-06-20|website=[Deccan Herald](/source/Deccan_Herald)|language=en|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624201453/https://www.deccanherald.com/business/business-news/mukesh-ambanis-ril-to-merge-its-media-and-distribution-business-into-network18-media-investments-805746.html}}</ref><ref>{{Cite web|last=John|first=Nevin|date=19 February 2020|title=Mukesh Ambani is restructuring Reliance Industries-little by little|url=https://www.businesstoday.in/latest/corporate/story/reliance-industries-continues-on-the-path-to-become-a-multi-company-conglomerate-250308-2020-02-18|access-date=21 November 2021|website=[Business Today](/source/Business_Today_(India))|language=en}}</ref> while others stated that it decreased the likelihood of an agreement with Sony due to its key interest, the entertainment assets of Network18 becoming closely associated with the news operations, where there were restrictions over foreign ownership.<ref>{{Cite news|date=2020-02-21|title=Reliance rejig of media business makes Sony merger less likely, say experts|work=[Business Standard](/source/Business_Standard)|agency=[Press Trust of India](/source/Press_Trust_of_India)|url=https://www.business-standard.com/article/pti-stories/reliance-rejig-of-media-business-makes-sony-deal-less-likely-experts-120022100615_1.html|access-date=2021-06-19|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624205938/https://www.business-standard.com/article/pti-stories/reliance-rejig-of-media-business-makes-sony-deal-less-likely-experts-120022100615_1.html|url-status=live}}</ref>

In April 2020, the MD and CEO of Viacom18, Shudhanshu Vats resigned and Joshi took over his position as an additional charge.<ref>{{Cite web|last=Jha|first=Lata|date=2020-04-14|title=Sudhanshu Vats quits Viacom18|url=https://www.livemint.com/companies/news/sudhanshu-vats-quits-viacom18-11586875234523.html|url-status=live|access-date=2021-06-24|website=[Livemint](/source/Livemint)|language=en|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624204621/https://www.livemint.com/companies/news/sudhanshu-vats-quits-viacom18-11586875234523.html}}</ref><ref>{{Cite news|date=2020-04-14|title=Sudhanshu resigns as Viacom MD; Rahul Joshi gets additional charge|work=[Business Standard](/source/Business_Standard)|url=https://www.business-standard.com/article/companies/sudhanshu-resigns-as-viacom-md-rahul-joshi-gets-additional-charge-120041401692_1.html|access-date=2021-06-24|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624205951/https://www.business-standard.com/article/companies/sudhanshu-resigns-as-viacom-md-rahul-joshi-gets-additional-charge-120041401692_1.html|url-status=live}}</ref> The talks with Sony came to a finalised decision for a merger between Viacom18 and [Sony Pictures Networks India](/source/Sony_Pictures_Networks_India) in July. The merger was scheduled to be completed by the end of August,<ref>{{Cite web|last1=Jha|first1=Lata|last2=Laskar|first2=Anirudh|date=2020-07-29|title=Sony-Viacom18 deal by mid-Aug|url=https://www.livemint.com/companies/news/sony-viacom18-deal-by-mid-aug-11595980721928.html|url-status=live|access-date=2021-06-19|website=[Livemint](/source/Livemint)|language=en|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624201742/https://www.livemint.com/companies/news/sony-viacom18-deal-by-mid-aug-11595980721928.html}}</ref> Sony would obtain 74% stake leaving Viacom18 with 26% stake in the merged entity; Network18 and ViacomCBS would have around 13% in it respectively.<ref>{{Cite web|last1=Jha|first1=Lata|last2=Laskar|first2=Anirudh|date=2020-07-29|others=[Livemint](/source/Livemint)|title=Viacom18-Sony merger deal likely by mid-August|url=https://www.hindustantimes.com/business-news/viacom18-sony-merger-deal-likely-by-mid-august/story-HeZtJzbyQCUixBpG1WfdNP.html|url-status=live|access-date=2021-06-23|website=[Hindustan Times](/source/Hindustan_Times)|language=en|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624203701/https://www.hindustantimes.com/business-news/viacom18-sony-merger-deal-likely-by-mid-august/story-HeZtJzbyQCUixBpG1WfdNP.html}}</ref> The plans for the merger was abandoned in October. The implementation of the consolidation with the distribution companies was itself delayed and eventually cancelled in April 2021.<ref>{{Cite news|last=Pinto|first=Viveat Susan|date=2021-04-21|title=Merger of TV18 Broadcast, Hathway, Den Networks into Network18 called off|work=[Business Standard](/source/Business_Standard)|url=https://www.business-standard.com/article/companies/merger-of-tv18-broadcast-hathway-den-networks-into-network18-called-off-121042101307_1.html|access-date=2021-06-19|archive-date=24 June 2021|archive-url=https://web.archive.org/web/20210624201818/https://www.business-standard.com/article/companies/merger-of-tv18-broadcast-hathway-den-networks-into-network18-called-off-121042101307_1.html|url-status=live}}</ref>

In October 2020, TV18 Broadcast reported an 148.2% increase in profit margins during the [COVID-19 pandemic in India](/source/COVID-19_pandemic_in_India) an nhd the company attributed it to "proactive measures on cost-control".<ref>{{Cite news |date=2020-10-28 |title=TV18 Broadcast jumps after Q2 PAT spurts 148% YoY |work=[Business Standard](/source/Business_Standard) |agency=Capital Market |url=https://www.business-standard.com/article/news-cm/tv18-broadcast-jumps-after-q2-pat-spurts-148-yoy-120102800617_1.html}}</ref> In a [Right to Information](/source/Right_to_Information_Act%2C_2005) (RTI) request response in June 2021, data released by the [Uttar Pradesh government](/source/Uttar_Pradesh_government) showed that the government's spending on television advertisements was at {{INRConvert|160.31|c|year=2021}} between April 2020 and May 2021 with Network18 as its biggest beneficiary. Promotion of the [Atmanirbhar Bharat](/source/Atmanirbhar_Bharat) campaign constituted a major portion of the spending and was made in the initial part of the year. Umashankar Dube, a journalist who had filed the RTI request had raised questions seeking answers to why the spending was made on television advertisements and not on relief efforts in midst of the pandemic but the Uttar Pradesh government's additional chief secretary of information refused to respond to queries on advertisement spending.<ref>{{Cite web |last1=Tiwari |first1=Ayush |last2=Kumar |first2=Basant |date=21 July 2021 |title=Yogi government spent Rs 160 crore on TV ads in one year, Network18 hit the jackpot |url=https://www.newslaundry.com/2021/07/21/yogi-government-spent-rs-160-crore-on-tv-ads-in-one-year-network18-hits-the-jackpot |access-date=2022-09-19 |website=[Newslaundry](/source/Newslaundry)}}</ref>

==Owned Assets==
===Channels===
{|class="wikitable sortable" style="text-align:middle;"
!style="width:180pt; background:White;"|Channel
!style="width:180pt; background:White;"|Launched
!style="width:180pt; background:White;"|Language
!style="width:300pt; background:White;"|Category
!style="width:180pt; background:White;"|SD/HD availability
!style="width:300pt; background:White;"|Notes
|-
|[CNBC TV18](/source/CNBC_TV18)
|1999
|rowspan="2"|[English](/source/English_language)
| rowspan="21" |Current Affairs
|SD+HD
|
|-
|[CNN News18](/source/CNN-News18)
|rowspan="3"|2005
|rowspan="19"|SD
|Previously known as ''CNN-IBN''
|-
| [News18 India](/source/News18_India)
|rowspan="6"|[Hindi](/source/Hindi_language)
|Previously Known as ''IBN7'',
|-
|[CNBC Awaaz](/source/CNBC_Awaaz)
|
|-
|[News18 Rajasthan](/source/News18_Rajasthan)
|2000
|Previously known as ''ETV Rajasthan''
|-
|[News18 Uttar Pradesh Uttarakhand](/source/News18_Uttar_Pradesh_Uttarakhand)
|rowspan="3"|2002
|Previously known as ''ETV Uttar Pradesh/Uttarakhand''
|-
|News18 Madhya Pradesh Chhattisgarh
|Previously known as ''ETV Madhya Pradesh/Chhattisgarh''
|-
|News18 Bihar Jharkhand
|Previously known as ''ETV Bihar/Jharkhand''
|-
|News18 Punjab Haryana
|2014
|[Punjabi](/source/Punjabi_language)
|Previously known as ''ETV Haryana/Himachal Pradesh''
|-
|[News18 Odia](/source/News18_Odia)
|2015
|[Odia](/source/Odia_language)
|Previously known as ''ETV News Odia''
|-
|[News18 Urdu](/source/News18_Urdu)
|2001
|[Urdu](/source/Urdu_language)
|Previously known as ''ETV Urdu''
|-
|[News18 Kannada](/source/News18_Kannada)
|2014
|[Kannada](/source/Kannada)
|Previously known as ''ETV News Kannada''
|-
|[News18 Bangla](/source/News18_Bangla)
| rowspan="3" |2014
|[Bengali](/source/Bengali_language)
|Previously known as ''ETV News Bangla''
|-
|News18 Gujarati
| rowspan="2" |[Gujarati](/source/Gujarati_language)
|Previously known as ''ETV News Gujarati''
|-
|CNBC Bajar
|
|-
|[News18 Assam North East](/source/News18_Assam_North_East)
|2016
|[Assamese](/source/Assamese_language)
|
|-
|[News18 Marathi](/source/News18_Marathi)
|2008
|[Marathi](/source/Marathi_language)
|Previously known as IBN Lokmat, ''News18 Lokmat''
|-
|[News18 Kerala](/source/News18_Kerala)
|rowspan="2"|2015
|[Malayalam](/source/Malayalam)
|
|-
|[News18 Tamil Nadu](/source/News18_Tamil_Nadu)
|[Tamil](/source/Tamil_language)
|
|-
|News18 Jammu Kashmir Ladakh Himachal
|2022
|[Kashmiri](/source/Kashmiri_language), [Ladakhi](/source/Ladakhi_language)
|
|-
|[History TV18](/source/History_TV18)
|2011
|[English](/source/English_language)<br>[Hindi](/source/Hindi)<br>[Marathi](/source/Marathi_language)<br>[Tamil](/source/Tamil_language)<br>[Telugu](/source/Telugu_language)
|SD+HD
|Joint Venture with [A&E Networks](/source/A%26E_Networks)
|}

===Magazines===
*[Better Interiors](/source/Better_Interiors) 
*[Better Photography](/source/Better_Photography)  
*[Forbes India](/source/Forbes_India)

===Digital Media===
* [Firstpost](/source/Firstpost)
* Moneycontrol
* [https://www.news18.com/ News18.com]

== Corporate affairs ==
=== Ownership ===

* The group was acquired by [Mukesh Ambani](/source/Mukesh_Ambani) led conglomerate [Reliance Industries](/source/Reliance_Industries) in 2014. The acquisition occurred by maneuvering a complex deal through the Independent Media Trust (IMT), set up by Reliance Industries to issue a loan for the debt encumbered Network18 in 2012.<ref name=":16">{{Cite news|last=Subramanian|first=N. Sundaresha|date=2014-07-04|title=Unravelling RIL's ties to Network 18: The changing trustees of IMT|work=[Business Standard](/source/Business_Standard)|url=https://www.business-standard.com/article/companies/unravelling-ril-s-ties-to-network-18-the-changing-trustees-of-imt-114070301381_1.html|url-status=live|access-date=2021-01-12|archive-date=25 January 2021|archive-url=https://web.archive.org/web/20210125025202/http://www.business-standard.com/article/companies/unravelling-ril-s-ties-to-network-18-the-changing-trustees-of-imt-114070301381_1.html}}</ref><ref name=":02">{{Cite news|last1=Baruah|first1=Amit|last2=Mishra|first2=Lalatendu|date=2014-05-30|title=Reliance to take over Network 18|language=en-IN|work=[The Hindu](/source/The_Hindu)|url=https://www.thehindu.com/business/Industry/reliance-to-take-over-network-18/article6063644.ece|url-status=live|url-access=limited|access-date=2021-01-12|archive-url=https://web.archive.org/web/20210415232925/https://www.thehindu.com/business/Industry/reliance-to-take-over-network-18/article6063644.ece|archive-date=15 April 2021|issn=0971-751X}}</ref> It resulted in Reliance receiving 78% of the shareholding,<ref name=":02" /> and as of 2019, the conglomerate holds 73.16% of the shares.<ref name=":39">{{Cite web|last=|first=|year=2019|title=The Ambani Family|url=https://india.mom-rsf.org/en/owners/individual-owners/detail/owner/owner/show/the-ambani-family/|url-status=live|archive-url=https://web.archive.org/web/20210118051618/http://india.mom-rsf.org/en/owners/individual-owners/detail/owner/owner/show/the-ambani-family/|archive-date=18 January 2021|access-date=|website=Media Ownership Monitor|publisher=[Reporters Without Borders](/source/Reporters_Without_Borders)}}</ref>
*Teesta Retail is a [private limited company](/source/private_limited_company) which holds 1.85% shareholding of the group.<ref name=":03">{{Cite web|last=|first=|year=2019|title=Network18|url=https://india.mom-rsf.org/en/owners/companies/detail/company/company/show/network18/|url-status=live|archive-url=https://web.archive.org/web/20210129162411/https://india.mom-rsf.org/en/owners/companies/detail/company/company/show/network18/|archive-date=29 January 2021|access-date=2021-01-12|website=Media Ownership Monitor|publisher=[Reporters Without Borders](/source/Reporters_Without_Borders)}}</ref> It is an arm of Reliance Industries Investments and Holdings and is listed in the promoters group shareholders of Network18.<ref>{{Cite news|last=Subramanian|first=N. Sundaresha|date=2017-09-02|title=Sebi issues show-cause notice to Vishvapradhan Commercial in NDTV case|work=[Business Standard](/source/Business_Standard)|url=https://www.business-standard.com/article/companies/sebi-issues-show-cause-notice-to-vishvapradhan-commercial-in-ndtv-case-117090300002_1.html|url-status=live|access-date=2021-01-12|archive-date=5 May 2021|archive-url=https://web.archive.org/web/20210505162907/http://www.business-standard.com/article/companies/sebi-issues-show-cause-notice-to-vishvapradhan-commercial-in-ndtv-case-117090300002_1.html}}</ref> The ownership of Teesta Retail is held by ten shell companies registered at the same address and with Reliance Industries domain names for their websites. The ten companies have listed directors of whom seven appear across all of them, who are also directors at various Reliance subsidiaries.<ref name=":03" />
*Network18 is a [public limited company](/source/public_limited_company) and the public holdings constitutes around 25% of its shareholdings. Among major individual shareholders was the [Chief financial officer](/source/Chief_financial_officer) (CFO) of Network18, Hariharan Mahadevan who held 1.11% of the shares as a part of the public in 2019.<ref name=":03" /> 
*Currently, 56.89% is held by [Reliance Industries](/source/Reliance_Industries) and 43.11% in equity.

=== Management ===
[Ritu Kapur](/source/Ritu_Kapur) was the first director of the company after the resignation of the Jindals and was followed by [Raghav Bahl](/source/Raghav_Bahl),<ref name=":0" /> who was the managing director of the company between 2003 and 2014.<ref name=":7">{{Cite web|last=Mishra|first=Ashish K.|date=2014-06-23|others=Phillipose, Mobis|title=Inside the Network18 takeover|url=https://www.livemint.com/Companies/rqT2Oi8fwv4XVjJcHzlcVN/Inside-the-Network18-takeover.html|url-status=live|archive-url=https://web.archive.org/web/20190514022010/https://www.livemint.com/Companies/rqT2Oi8fwv4XVjJcHzlcVN/Inside-the-Network18-takeover.html|archive-date=14 May 2019|access-date=2021-01-13|website=[Livemint](/source/Livemint)|language=en}}</ref> Haresh Chawla is considered to be the founding CEO of the company.<ref>{{Cite web|last=Bhalla|first=Tarush|date=2020-10-20|title=Dukaan raises $6 million in seed funding co-led by Matrix and Lightspeed India|url=https://www.livemint.com/companies/start-ups/dukaan-raises-6-million-in-seed-funding-co-led-by-matrix-and-lightspeed-india-11603169834781.html|url-status=live|archive-url=https://web.archive.org/web/20210123092721/https://www.livemint.com/companies/start-ups/dukaan-raises-6-million-in-seed-funding-co-led-by-matrix-and-lightspeed-india-11603169834781.html|archive-date=23 January 2021|access-date=2021-01-13|website=[Livemint](/source/Livemint)|language=en}}</ref><ref>{{Cite web|last=|first=|date=2020-10-22|title=Dukaan raises $6 mn from Matrix, Lightspeed, others|url=https://indianexpress.com/article/business/companies/dukaan-raises-6-mn-from-matrix-lightspeed-others-6825387/|url-status=live|archive-url=https://web.archive.org/web/20201205224244/https://indianexpress.com/article/business/companies/dukaan-raises-6-mn-from-matrix-lightspeed-others-6825387/|archive-date=5 December 2020|website=[The Indian Express](/source/The_Indian_Express)|language=en|access-date=13 January 2021}}</ref> He was appointed as the CEO of [TV18](/source/TV18) in 1999, having formerly worked at [Times Music](/source/Times_Music) and [Amitabh Bachchan Corporation](/source/AB_Corp).<ref name="Bhatia-2013" />{{rp|page=2}} Chawla became the first CEO of Network18 after it was acquired and converted into the holding company of TV18.<ref name=":0" /><ref name="Bhatia-2013" />{{rp|page=2}} He resigned from the company in November 2011 before Network18 entered into a deal with Reliance Industries, publicly stating that he wanted nothing to with the [Ambanis](/source/Mukesh_Ambani).<ref name="Bhatia-2013" />{{rp|page=3}} According to Raghav Bahl, the entire credit for enabling Network18 to establish a diverse variety of partnerships with the likes of [CNN Worldwide](/source/CNN), [CNBC](/source/CNBC), [Forbes](/source/Forbes), [Viacom](/source/Viacom_(2005%E2%80%932019)) and [History Channel](/source/History_Channel) belonged to Chawla.<ref name=":5" /> The COO, [B. Sai Kumar](/source/B._Sai_Kumar) succeeded Chawla as the CEO of Network18, and resigned before the takeover of the company by Reliance.<ref>{{Cite web|last=Peer|first=Nikita|date=2014-05-28|title=B Sai Kumar quits as Group CEO of Network18|url=https://www.vccircle.com/b-sai-kumar-quits-group-ceo-network18|url-status=live|archive-url=https://web.archive.org/web/20200808062357/https://www.vccircle.com/b-sai-kumar-quits-group-ceo-network18|archive-date=8 August 2020|access-date=2021-01-13|website=[VCCircle](/source/VCCircle)|language=en-US}}</ref>

One of the directors at Reliance Industries and the [Prime Minister of India](/source/Prime_Minister_of_India)'s appointment to the [Quality Council of India](/source/Quality_Council_of_India),<ref name=":21">{{Cite news|last=Ganesan|first=Ranjita|date=2014-09-20|title=Adil Zainulbhai: The makeover man|work=[Business Standard](/source/Business_Standard)|url=https://www.business-standard.com/article/beyond-business/adil-zainulbhai-the-makeover-man-114091901141_1.html|url-status=live|access-date=2021-01-14|archive-date=16 January 2021|archive-url=https://web.archive.org/web/20210116090746/https://www.business-standard.com/article/beyond-business/adil-zainulbhai-the-makeover-man-114091901141_1.html}}</ref> [Adil Zainulbhai](/source/Adil_Zainulbhai) became the chairman of the board of directors of the company following the takeover.<ref name=":22">{{Cite news|others=[Press Trust of India](/source/Press_Trust_of_India)|date=2015-09-28|title=Senthil Chengalvarayan steps down as Network18 Business Editor|language=en-IN|work=[The Hindu](/source/The_Hindu)|url=https://www.thehindu.com/business/senthil-chengalvarayan-steps-down-as-network18-business-editor/article7698356.ece|url-status=live|url-access=limited|access-date=2021-01-14|archive-url=https://web.archive.org/web/20210114022353/https://www.thehindu.com/business/senthil-chengalvarayan-steps-down-as-network18-business-editor/article7698356.ece|archive-date=14 January 2021|issn=0971-751X}}</ref> Kshipra Jatana was the [general counsel](/source/general_counsel) at the group and had resigned during the takeover. She remained associated with the company to oversee the transition,<ref name=":7" /> and became the manager in the interim period.<ref name=":20">{{Cite web|last=SN|first=Vikas|date=2014-11-28|title=Hariharan Mahadevan appointed Network18 CFO|url=https://www.medianama.com/2014/11/223-hariharan-mahadevan-network18/|url-access=limited|url-status=live|archive-url=https://web.archive.org/web/20210118035542/https://www.medianama.com/2014/11/223-hariharan-mahadevan-network18/|archive-date=18 January 2021|access-date=2021-01-13|website=[MediaNama](/source/MediaNama)|language=en-US}}</ref> A. P. Parigi was appointed as the new CEO of the company after Sai Kumar's exit and held the position until he was moved to an advisory position by Reliance Industries in October 2015.<ref name=":23" /><ref>{{Cite news|date=2015-09-28|title=Senthil Chengalvarayan steps down as Network18 Business Editor|work=[Business Standard](/source/Business_Standard)|agency=[Press Trust of India](/source/Press_Trust_of_India)|url=https://www.business-standard.com/article/current-affairs/senthil-chengalvarayan-steps-down-as-network18-business-editor-115092800397_1.html|url-status=live|access-date=2021-01-13|archive-date=6 March 2016|archive-url=https://web.archive.org/web/20160306023244/http://www.business-standard.com/article/current-affairs/senthil-chengalvarayan-steps-down-as-network18-business-editor-115092800397_1.html}}</ref> Rahul Joshi, the editorial director at ''[The Economic Times](/source/The_Economic_Times)'' was recruited and appointed as both the CEO and editor-in-chief of the entire group following the takeover.<ref name=":25" /><ref>{{Cite web|last=Jha|first=Lata|date=2015-08-20|title=ET's Rahul Joshi named Network 18's CEO news and group editor-in-chief|url=https://www.livemint.com/Consumer/nsly428l45jhYeX3lIhnmK/ETs-Rahul-Joshi-Named-Network-18s-CEO-news-and-group-edito.html|url-status=live|access-date=2021-01-13|website=[Livemint](/source/Livemint)|language=en|archive-date=13 March 2018|archive-url=https://web.archive.org/web/20180313063258/http://www.livemint.com/Consumer/nsly428l45jhYeX3lIhnmK/ETs-Rahul-Joshi-Named-Network-18s-CEO-news-and-group-edito.html}}</ref> In 2018, Joshi was elevated to the position of managing director by the board and Jatana resigned from her position.<ref name=":30">{{Cite web|last=Varshney|first=Rashi|date=2018-07-10|title=Network18 names Rahul Joshi as its new Managing Director|url=https://www.medianama.com/2018/07/223-network18-names-rahul-joshi-as-its-new-managing-director/|url-access=limited|url-status=live|archive-url=https://web.archive.org/web/20201030082625/https://www.medianama.com/2018/07/223-network18-names-rahul-joshi-as-its-new-managing-director/|archive-date=30 October 2020|access-date=2021-01-13|website=[MediaNama](/source/MediaNama)|language=en-US}}</ref>
{| class="wikitable"
!Tenure
!Chairman of the Board
!Managing Director
!Chief Executive Officer
!Editor-in-Chief
|-
|2003–2011
| rowspan="2" |(Non existent designation)
| rowspan="2" |[Raghav Bahl](/source/Raghav_Bahl)
|Haresh Chawla
| rowspan="3" |(Independent editorial management)
|-
|2011–2014
|[B. Sai Kumar](/source/B._Sai_Kumar)
|-
|2014–2015
| rowspan="3" |Adil Zainulbhai
| rowspan="2" |Kshipra Jatana (non-directorial)
|A. P. Parigi
|-
|2015–2018
| colspan="2" |Rahul Joshi
|-
|2018–Present
| colspan="3" |Rahul Joshi
|}

== References ==
{{Reflist}}

== External links ==
* {{official website}}

{{Network 18}}
{{Reliance Industries Limited}}

{{DEFAULTSORT:Network18 Group}}
Category:Network18 Group
Category:Television stations in Delhi
Category:Television stations in Mumbai
Category:Television stations in New Delhi
Category:Television broadcasting companies of India
Category:Mass media companies based in Mumbai
Category:Companies based in Mumbai
Category:Indian companies established in 1993
Category:Mass media companies established in 1993
Category:Television channels and stations established in 1993
Category:2014 mergers and acquisitions
Category:1993 establishments in Maharashtra
Category:Companies listed on the National Stock Exchange of India
Category:Companies listed on the Bombay Stock Exchange
Category:Cybercrime in India

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Adapted from the Wikipedia article [Network18 Group](https://en.wikipedia.org/wiki/Network18_Group) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Network18_Group?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.