Sony completes first phase of TEN Sports Network acquisition

With this, Sony Pictures Network India adds 5 TEN channels to its sports bouquet

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Companies blaze new route to buyback, skip narrower one

India Inc is increasingly opting for the ‘tender route’ buyback instead of the traditional ‘open market’ route. Between 2006 and 2014, nearly 80 per cent of the buybacks were done through the ‘open market’ route. Since 2015, 95 per cent of the buybacks have been through the ‘tender route’. Even the recent mega buyback of Tata Consultancy Services (TCS) has been proposed to be done through the ‘tender route’.Change in regulatory and taxation framework has been the key factor behind the shift.The sharp rise in tender buybacks have coincided with the government’s decision to levy 10 per cent additional taxes on dividend at the hands of individuals.”Over the years, the primary motive of buybacks has changed. Earlier buybacks were used to send a signal to the market that the stock is undervalued. In the current context and with change in tax code, companies are using buyback as a tax efficient way of distribution to shareholders. The change in mechanism being used largely reflects the …