Mumbai TV 18 Group's Internet arm, Web 18 will acquire three companies; Cricketnext.com, Compareindia.com and Urban Eye, aiding the Group to further consolidate its focus on the Internet business.
Web 18 on Wednesday announced that it would acquire Cricketnext.com, a leading sports portal, Compareindia.com, a product comparison site and Urban Eye, a web design and technology firm.
Television Eighteen India Ltd informed the BSE that Cricketnext.com would complement the group's online news portal, ibnlive.com and television channels CNN-IBN and IBN7.
Compareindia.com on the other hand, would synergies with moneycontrol.com and also draw synergies with Awaaz, TV 18's Hindi consumer-business offering on television.
"These acquisitions are in line with our strategy to strengthen our position in the Consumer Internet space. We expect consumer focused services like online recruitment, financial services, travel services, product comparisons and home shopping, sports etc to drive the growth of the Internet in India," TV 18 Group CEO Haresh Chawla said.
This acquisition comes close on the heels of Web18 acquiring a stake in both Yatra.com and Jobstreet.com.