Friday, August 25, 2006

Digital Broadcasters |TV18 on Internet Buying Spree

Digital Broadcasters Vendor News reported awhile back that Television Eighteen India Ltd (BOM:532299) Internet subsidiary WEb18 had bought substantial stakes in web sites, Yatra.com and Jobstreet.com.

Now Web18 buys three more Internet companies Compareindia.com, Cricketnext.com, and Urban Eye, a web design and technology firm.

TV 18 says the acquisitions will help the Group consolidate its focus on the Internet business further before it goes for an initial public offering of Web18.

Cricketnext.com is one of India’s leading sports portals, Compareindia is a product comparison site offering a comprehensive product comparison engine in over 50 categories.

Web site anchors to the Web 18 group are Moneycontrol.com and IBNLive.com (a joint venture with CNN).

Urban Eye is one of India’s leading web design and technology firm with over 50 highly specialised Internet technology professionals, which will help Web18 scale up its operations rapidly.

As Haresh Chawla, TV 18 Group CEO said: “These acquisitions are in line with our strategy to strengthen our position in the consumer Internet space. Web18’s vision is to be the leader in the consumer Internet space. We expect consumer focused services like online recruitment, financial services, travel services, product comparisons and home shopping, sports, etc., to drive the growth of Internet in India.”

Television Eighteen (TV18) is India's No.1 News and Information Network, operating in the Television and Internet media space. TV18 broadcasts five round-the-clock TV and video and audio news channels and deploys content across multiple platforms like Television, Internet, Mobile and Voice.

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