Network18 gets board approval to sell stakes in Yellow Pages and Ask Me

MUMBAI: Network 18 Media and Investments said it has received board?s approval for divesting its stakes in Yellow Pages and AskMe as part of its plan to monetise non-core assets profitably.

AskMe is Mumbai?s leading local search engine which allows online and telephonic search for companies, products and services while Yellow Pages is an online business directory that helps buyers find businesses.

The Raghav Bahl-promoted Network18 had earlier sold its entire 77.5 per cent stake in news terminal business NewsWire18 to private equity firm Samara Capital for Rs 900 million.

Before that the company had divested its 20 per cent stake in entertainment ticketing website Bookmyshow.com to venture capital firm Accel Partners for Rs 500 million. Network18?s stake in the ticketing website?s holding company Bigtree dropped to 40 per cent post the stake sale.