News Corp dumps its VCCircle problem on HT Media
Why read this story?
Editor's note: Yesterday, HT Media Ltd, one of the largest media companies in India, which publishes the newspapers Hindustan, Hindustan Times and business daily Mint, announced that it has acquired Mosaic Media Ventures Pvt. Ltd. Mosaic is the parent of VCCircle, one of India’s better known digital publications focused on breaking news about the venture capital ecosystem. HT Media did not say how much it paid for the acquisition. The Board of Directors at its meeting held on 28th July, 2020 accorded approval to invest upto Rs. 6 Crore post working capital adjustment, and revenue linked milestones payment upto Rs.1 Crore on deferred basis, to acquire 100% of paid-up share capital of Mosaic held by NWS Digital Asia PTE Limited and News Corporation (“Sellers”), subject to finalization of definitive agreements. From HT Media release • BSE That sounds needlessly complex, and I think what HT Media wants to tell shareholders is that they bought the company for peanuts. Except they don’t want to embarrass News Corp by saying it in as many words. Because theirs is a partnership which is just about …
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