NEW DELHI: HT Media on Wednesday said it will acquire Mosaic Media Ventures which operates news platforms VCCircle and TechCircle.
According to HT Media, this strategic acquisition of an emerging company will drive synergies across businesses.
"The board of directors accorded approval to invest up to Rs 6 crore post working capital adjustment, and revenue linked milestones payment up to Rs 1 crore on deferred basis, to acquire 100 per cent of paid up share capital of Mosaic held by NWS Digital Asia PTE Ltd and News Corporation (sellers), subject to finalisation of definitive agreements," HT Media said in a regulatory filing.
HT Media said, through this acquisition, it intends to "scale VCCircle and TechCircle to augment Mint's tech and deals content editorial capabilities".
It will also use HT's reach to augment VCCircle's events business and scale up database and research business. The company said it intends to "unlock cost and revenue synergies'' through this acquisition.
Mosaic Media Ventures was incorporated in the year 2007 and is engaged in operating news platform (VCCircle and TechCircle), providing subscription-based research databases (VCCEdge and SalesEdge) and the events business. The transaction is expected to be completed before August 30, 2020.