Network18 CEO B Sai Kumar resigns

B Sai Kumar, group CEO of Network18 has quit the group, the company said.

Network18 owns and operates CNBC-TV18, CNN IBN and other properties such as

The company did not give the reason for the resignation.

Company founder Raghav Behl, however, said Sai Kumar was leaving as it was time for him to “heed his own call”.

The announcement comes a day after Network18 reported declining revenue in its core business news business, but a recovery in its general news business. It also continues to report losses in its digital and ecommerce business.

The group is planning to raise money for its ecommerce business,