Shares of TV Today Network spurted almost 11% on the National Stock Exchange, following the Aditya Birla Group picking a stake in the Living Media Group.
The company's shares were trading at Rs 60 on the Bombay Stock Exchange, up 10.79%. The Aditya Birla Group had announced that it had acquired 27.5 per cent stake in the company, thus making an entry into the media business.
Living Media is a holding company and owns 57.46% in TV Today Network, the listed company that controls the group’s broadcasting assets such as Aaj Tak and Headlines Today, besides publishing a number of publications that include the flagship India Today.
This is a second leading business house that has acquired a stake in the media business. Earlier, the Dhirubhani Ambani controlled Reliance Industries had picked-up a stake the TV 18 group, which has popular channels like CNBC TV 18.