News Broadcasting
TV18 gets independent directors’ nod for Reliance open offer
MUMBAI: The Committee of Independent Directors (IDC) linked with TV18 Broadcast has green signaled the open price offer made by Independent Media Trust (IMT) to public shareholders. The go ahead was given by IDC chairman Manoj Mohanka and IDC member Hari S. Bhartia.
The offer made by IMT along with Reliance Industries Limited (persons acting in concert – PAC1) and Reliance Industries Investments and Holding Limited (PAC2) to the public shareholders of TV18 Broadcast was to acquire up to 44,65,10,110 equity shares at a price of Rs 30.18 per share. JM Financial Institutional Securities is the manager of the offer.
The announcement was made through a notice issued by TV18 to the BSE which stated that the IDC “believes that the open offer is fair and reasonable and in line with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.”
According to the IDC, the offer price is higher than the volume weighted average price of the Equity Shares for a period of 60 trading days immediately preceding the date of public announcement. The IDC also gave the go ahead after it sought external financial advice from Price Waterhouse & Co that advised that as of 29 May 2014, the offer price pursuant to the offer is fair and reasonable from the financial point of view.
The approval for the open offer was made after the IDC reviewed (a) the public announcement in connection with the offer dated 29 May 2014 issued on behalf of IMT and the PAC’s public announcement; (b) the detailed public statement in connection with the offer published on behalf of IMT and PAC’s on 5 June 2014 and (c) the draft letter of offer (DLOF) dated 11 June 2011.
News Broadcasting
BBC to cut up to 2,000 jobs in biggest overhaul in 15 years
Cost pressures and leadership change drive major workforce reduction plan
LONDON: BBC has unveiled plans to cut up to 2,000 jobs, roughly 10 per cent of its global workforce, in what marks its biggest downsizing in 15 years.
The announcement was made during an all-staff meeting led by interim director-general Rhodri Talfan Davies, as the broadcaster moves to tackle mounting financial pressures and reshape its operations.
Between 1,800 and 2,000 roles are expected to be eliminated from a workforce of around 21,500. The cuts form part of a broader plan to save £500 million over the next two years, aimed at offsetting rising costs, stagnating licence fee income and weaker commercial revenues.
In a communication to staff, BBC interim director-general Rhodri Talfan Davies said, “I know this creates real uncertainty, but we wanted to be open about the challenge,” acknowledging the impact the move would have across the organisation.
The restructuring comes at a time of leadership transition. Former director-general Tim Davie stepped down earlier this month, with Matt Brittin, a former Google executive, set to take over the role on May 18, 2026.
While some cost-cutting measures are being implemented immediately, the majority of the structural changes are expected to roll out over the next few years, with full savings targeted by the 2027–2028 financial year.
The broadcaster had earlier signalled its intent to reduce its cost base by around 10 per cent over a three-year period, warning of “difficult choices” as it adapts to shifting economic realities and audience expectations.
With operating costs hovering around £6 billion annually, the BBC’s latest move underscores the scale of the financial challenge it faces, as it balances public service commitments with the need for long-term sustainability in an increasingly competitive media landscape.
