Infomedia 18 Ltd, a media company which owns television channels like CNN-IBN and CNBC TV18, is selling Glyph International, its publishing content services business, to Cenveo Inc. The terms of the transactions were not disclosed.
As part of the plan, Infomedia will transfer the entire equity stake of Glyph International in four of its subsidiaries–Glyph International Ltd, Cepha Imaging Pvt Ltd, Glyph International US LLC and Glyph International UK Ltd–to Cenveo subsidiaries in India and US, it said in a statement.
Infomedia is part of Network18 group and runs several news and non-news channels, besides presence in online and print media. The divestment is part of the company’s plan to exit the non-core businesses, and deploy resources to focus on core media segments, search, internet and directories services.
Haresh Chawla, managing director, Infomedia, said, in the statement, “Cenveo has a strong presence in the publishing services space and will offer significant growth opportunities for our employees and clients. The transaction will be value accretive to Infomedia and will allow resources to move into core media businesses.”
Robert G Burton, senior chairman and CEO, Cenveo, said, “The acquisition of Glyph International significantly strengthens our market presence and end-to-end service capability in the journal and book publishing markets. It is a perfect complement to our platform.”
BMR Advisors has acted as the sole financial advisor to the deal.
Glyph International is a leading provider of publishing services. It has offices in Bangalore, New Delhi, London and Florida, with a total employee strength of over 550 people.