Den Networks is planning to acquire 51 percent stake in VBS Digital Distribution Network Pvt. Ltd for $416,600 in cash.
According to a statement issued by the company said that the deal will strengthen Den’s cable TV network in Uttar Pradesh.
As per reports, Den Networks had suffered a net loss of Rs 186.6 crore for the fiscal year 2016-17 on consolidated net sales of Rs 1,157.34 crore. Its consolidated revenue from the cable business increased to Rs 1,075.54 crore from Rs 883.24 crore in 2015-16, the reports said.
In June 2017, the company had sold its entire stake in TV merchandise channel Macro Commerce Pvt. Ltd to focus on its core business.
The company is currently serving 13 million homes in over 200 cities in India. It is one of the dominant players in Delhi and Uttar Pradesh and has its presence in Rajasthan, Haryana, Gujarat, Maharashtra, Karnataka, Madhya Pradesh, Uttarakhand and Kerala.
There were initial reports that Mukesh Ambani-owned Reliance Industries Limited is in talks to acquire the Den Networks.