March 1, 2013: Network18 Media as part of its strategy to divest stake in noncore assets has decided to divest its stake in local search businesses- Yellow Pages and AskMe. The company has entered into an agreement with GETIT Infoservices for this divestment. Network18 Media through this move is trying to infuse capital to these assets so that they are taken to the next stage and as well as to create value for the shareholders. In a statement made by Raghav Bahl, Managing Director, Network 18, he said that “The divestiture of Infomedia Yellow Pages and Askme is a reflection of our commitment to profitably monetise non-core assets for the benefit of our shareholders and to also facilitate the growth of these businesses to the next level”.
GETIT Infoservices who has taken a stake in Yellow Pages and AskMe is a company specialised in classifieds and local search. The combined operations of GETIT Infoservices after the divestment deal will be known as GETIT Infomedia. Network18 last year also has divested its stake in its NewsWire18 venture to Samara Capital, a private equity firm for Rs.90 crore. It has also diverted its stake in Capital18 investee companies, NetworkPlay and Bookmyshow.com.