Television Eighteen - Outcome of Board Meeting

Television Eighteen India Ltd has informed that the Board of Directors of the Company at its meeting held on December 11, 2007 has approved the acquisition of at least 53% stake in Infomedia India Ltd from ICICI Venture managed fund.

In this regard the Company has issued the following Press Release:

the Company has announced the acquisition of at least 53 percent stake in Infomedia India Ltd, Indias leading publication company from an ICICI Venture managed fund. The stake shall be purchased in a staggered manner - 40 percent immediately, followed by an open offer for 20 percent of Infomedia. In the event that the open offer does not garner enough response, then the Company has the right to purchase such number of shares from the ICICI Venture managed fund so as to augment its stake up to at least 53 percent. The transaction is subject to statutory and regulatory clearances, wherever necessary.

The Company has acquired the above 40 percent stake for a total purchase consideration of Rs 178 crores. This acquisition would enable the Company to enter the fast growing publication businesses. The Company will also benefit from the cross media leverage of its existing brands. YES Bank was the exclusive financial advisor to ICICI Venture Ltd and BMR Advisors assisted the Company for the transaction.

Infomedia India Ltd has further agreed to issue 50 lakh warrants to the Company and 10 lakh warrants to the ICICI Venture managed fund. This issue is as per SEBI pricing norms and this fresh infusion of funds will be used to propel further growth in Infomedia.

Recognizing this as a significant milestone, Mr. Raghav Bahl - Managing Director, Network l8 said, This acquisition signifies our commitment to being an integrated player in the media and publishing space. This acquisition has come at an opportune time and will significantly accelerate our publishing growth plans.