Network18 Gets AGM Extension: Reliance-Disney Merger Update

New Delhi, Sep 17 (PTI) Network18 Media & Investments, which owns Reliance Industries' media assets, has received a three-month extension for convening its Annual General Meeting for FY24.

The Registrar of Companies (RoC) on Tuesday granted its approval for extension of time for holding the AGM, accepting the application of the company, according to a regulatory filing from Network18 Media.

Reliance is in the process of merging its media assets, including Network18 with global media giant The Walt Disney Co India business, which will create the country's largest media empire worth over Rs 70,000 crore.

"This is to inform you that pursuant to the application filed by the company for extension of time for holding the 29th AGM of the company for financial year 2023-2024, Ministry of Corporate Affairs (office of the Registrar of Companies, Mumbai ) vide its order dated September 17, 2024, granted its approval for extension of time for holding the AGM," it said.

Media ventures of Reliance are housed in Network 18, which owns TV18 news channels as well as a plethora of entertainment (under the ‘Colors' brand) and sports channels. NW18 also has stakes in moneycontrol.com, and bookmyshow and publishes magazines.

NW18 also owns CNBC/CNNNews.

Fair trade regulator CCI, and NCLT have already approved the merger of media assets of Reliance Industries and The Walt Disney Co.