Next Mediaworks Ltd Company Summary

Next Mediaworks Ltd Summary

Next Mediaworks Limited was originally incorporated as a Private Limited Company on March 12, 1981 at Mumbai. In July 2000, the Company was renamed as Mid-Day Multimedia Limited by conversion of the status to Public Limited Company. Further, the Companys name was changed to Next Mediaworks Limited effective on April 26, 2011. The Company is an investment entity. All its operations are managed by subsidiary company Next Radio Limited.Initially, the Company operated as a media company in India. It owns and operates various community newspapers, including Mid Day and Sunday Mid Day for English readers, Gujarati Mid Day, and Urdu daily Inquilab. It also operated Radio One 94.3 FM with stations at Ahmedabad, Bangalore, Chennai, Delhi, and Pune. In addition, it engaged in outdoor advertising business. Mid-Day Multimedia Limited is based in Mumbai, India.During the year 2001-2002, the company through its subsidiary Newsday Communication Limited has done pilot project namely Metro a free weekly community paper in India in Bandra, Andheri, and Ghatkopar. The company started the process of recasting its business model in order to lower the fixed cost components.During the year 2003-2004, the company launched an exciting new product namely The Morning Quick in the morning news segment. During the year, the company released the movie, namely Black Friday.During the year 2005-2006, the company added more colour and more supplement to the newspaper. The companys radio division won six new licenses in Mumbai, Delhi, Chennai, Bangalore, Pune and Calcutta.During the year 2006-2007, the company radio division launched three new radio stations in Bangalore, Chennai and Calcutta. Also, the company re acquired the Delhi Mid- Day brand. During the year 2008-2009, the company launched Pune Edition of MiD Day. Also, it launched Calcutta and Pune Radio stations. The Printing and Publishing business of the Company was transferred to a New Wholly Owned Subsidiary, Midday Infomedia Ltd. on a going concern basis through Business Transfer Agreement effective from Jul 08.The print and publishing subsidiary Mid-day Infomedia Ltd was transferred to Jagran Prakashan Ltd through the scheme of demerger; and therefore; the Company only had radio business through its subsidiary, Radio One Ltd (formerly Radio Mid-day West (India) Ltd. in the year 2010-11. Pursuant to the Scheme of Arrangement between the Company and Jagran Prakashan Limited (JPL) approved by High Court of Bombay and Allahabad, the entire print and publishing business of the Company was transferred in the name of Jagran Prakashan Limited w.e.f 1st April 2010. Syngience Broadcast Ahmedabad Limited (SBAL), a step-down subsidiary of the Company was incorporated as a subsidiary of Next Radio Limited on 10th April, 2017.During the year 2018-19, the Board of Directors at its meeting held on August 8, 2018 accorded approval to a draft Scheme of Arrangement and Amalgamation amongst HT Media Limited (HTML), Next Radio Limited (NRL), HT Music and Entertainment Company Limited (HTMEL) and Company which envisaged for: i) Demerger of the FM radio business of HTML on a going concern basis and subsequent transfer and vesting of the same to the Company; ii) Amalgamation of HTMEL with the Company and consequent dissolution of HTMEL without winding up and iii) Demerger of the FM radio broadcasting business of NRL, on a going concern basis and subsequent transfer and vesting of the same to the Company which was effective from the Appointed Date, April 1, 2017.The investments in shares made by the Company in One Audio Limited (49,994 shares), Next Outdoor Limited (34,94,200 shares) and Digital One Private Limited (9,999 shares) were transferred to Inquilab Offset Printers Limited during the year 2018-19.Thereafter, on April 9, 2019, HT Media Limited acquired 14.18% of the fully diluted voting equity share capital of the Company pursuant to an open offer under SEBI (STAT) Regulations, and on April 15, 2019 acquired 36.82% of the fully diluted voting equity share capital of the Company from the promoters and members of the promoter group of the Company. Consequently, the Company became a Subsidiary of HT Media Limited, effective April 15, 2019.