Media and entertainment company Network18 is selling its stake in WebChutney, the digital agency to Dentsu India group. According to a filing on the Bombay Stock Exchange, the company’s investment arm Capital18 which owned a majority stake in Webchutney, will generate a return of over 300%.
Raghav Bahl, Managing Director of Network18 said in a statement that the divestiture is in line with the company’s objective of monetizing its investments.
Network18 has been selling its stake in different companies over the last couple of quarters. Two months ago, it sold Infomedia Yellow Pages and AskMe to Getit, the local search and classifieds company.
The group, which runs a clutch of television channels including CNN IBN, CNBC TV18 and Colors had sold a minority stake in Bigtree to Accel Partners for Rs 66 cr. Accel Partners invested nearly Rs 100 cr in Bigtree, an online movie and event ticketing company which runs Bookmyshow.com.
For the quarter ended 31 March 2013, Network18 posted a profit of Rs 47 lakh on a topline of Rs 683 crore. For the full year, the company made a loss of Rs 105.5 cr on a topline of Rs 2400 cr.