MUMBAI: Multi-system operator Den Networks Ltd (Den) has acquired 51 per cent stake in cable televison distributor VBS Digital Distribution Network Pvt Ltd (VBS Digital) for Rs 2.64 crore in cash. According to Den's release to the Bombay Stock Exchange, the deal will strengthen the company’s cable TV network in Uttar Pradesh.
Den provides cable TV distribution and broadband services in 13 states, including Delhi, Uttar Pradesh, Karnataka, and Maharashtra. Incorporated in 2015, VBS Digital posted revenue of Rs 5.82 crore in the financial year ended March 31, 2017.
Promoters and Goldman Sachs together hold about 61.28 per cent stake in Den. In June 2017, Den had sold its entire stake in TV merchandise channel Macro Commerce Pvt Ltd to focus on the core business.
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