Mukesh Ambani-led corporate giant, Reliance Industries and Network 18 group today joined hands for a multi-layered deal, under which RIL would sell a part of its interest in Eenadu TV channels and would also fund the promoters of the media group.

RIL did not specify the exact financial details of various transactions. Network 18 group company, TV18, in a separate statement said its board has approved an outlay of up to Rs 2,100 crore for the proposed acquisition of ETV assets. At the same time, RIL group through an independent trust, would provide funding to the promoters of Raghav Bahl-led Network 18 group for acquiring shares in their two companies — Network 18 and TV18 — through their respective rights issues. In all, Network 18 and TV18 would raise about Rs 4,000 crore including Rs 1,700-crore contribution from the promoters.

As per the deal, RIL, which is setting up a pan-India broadband network, would also get access to content and distribution assets of the electronic media group.

RIL said its group companies, through investments of about Rs 2,600 crore, now hold interest in various ETV channels, being operated and managed by Eenadu group. This include 100 per cent stake in regional news channels (ETV Uttar Pradesh, ETV Madhya Pradesh, ETV Bihar ETV Urdu), 100 per cent stake in entertainment channels (ETV Marathi, ETV Kannada, ETV Bangla, ETV Gujarati and ETV Oria), and 49 per cent in two Telugu channels (ETV Telugu and ETV Telugu News).

RIL said that it would be selling “a part of the interest owned by it in the ETV Channels” to TV18 Broadcast Ltd. TV18 said it is acquiring 100 per cent stake in regional news channels, 50 per cent in non-Telugu entertainment channels and 24.5 per cent interest in two Telugu channels. It would get the board and management control of ETV news channels and ETV non-Telugu entertainment channels. RIL funding would not alter promoter, management or editorial control of Network 18 entities, the two groups said.