In a significant move, Network 18 and TV 18 announced an expansion into regional news and entertainment on television through a Rs 2,100-crore acquisition of ETV channels. Both the companies also announced rights issues for themselves, each amounting to Rs 2,700 crore. The proceeds will be used to make both the companies debt-free, finance the ETV acquisition, and fund working capital requirements.
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Network18 to acquire ETV, become debt-free
