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Following the announcement of restructuring drive to initiate at the Network 18 Group, promoted by Raghav Bahl, the foremost step is being undertaken to consolidate the entertainment business of the Company.

In a filing with the BSE, Network 18 Media & Investments has informed that joint venture subsidiary, Viacom 18, JV between IBN18 Broadcast and Viacom Inc., will make a voluntary offer to for the issued share capital of the The Indian Film Company (TIFC).

TIFC is an Alternative Investment Market (AIM) listed firm which engages to make invest in Indian films and films primarily targeted at the Indian audiences throughout the world.

No formal offer has been made yet by Viacom18, which is still in the process of being formulated. “The possible offer is subject to a number of preconditions and will only be made if and when all such preconditions are satisfied and the offer can be made in full compliance of the UK Takeover Code and all other applicable regulations,” says the filing.

The offer would be made by Viacom18 to buy Network18's 80.4% stake in TIFC. With this if Network18 sees the offer attractive and would provide a beneficial exit from the film business to Network18 shareholder, the Company and its affiliates would consider the offer.

Other than the aforementioned announcement, the Network18 group companies will be meeting on July 7, 2010 to consider comprehensive restructuring of the Group.