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In a statement Bahl said, Awaaz, the group's consumer affairs channel,
is on track to achieve a cash break-even by next quarter.
"Our restructuring plan has been applauded by the financial
community for its shareholder friendly consolidation of all values
for TV18 shareholders. And, now we are excited about the prospects
of IBN, which will truly make us the leader in the news space in
the country," he added.
The statement said that the TV 18 group's co-branded general news
channel, CNN iBN, in association with Time Warner Inc's Cable News
Network, is all set for launch by the end of 2005. The group also
announced a restructuring plan to meet government guidelines for
news channels, consolidating all its businesses within the ownership
of existing TV18 shareholders.
During July-September period, the Delhi operations hof TV 18 moved
into a state-of-the-art 60,000 sq ft broadcast facility in Noida,
on the outskirts of the Capital, from where CNN iBN is slated for
launch.
The company also allotted 25,53,380 equity shares, at a price of
Rs. 235.40, against warrants held by the TV 18 shareholders, adding
slightly over Rs. 575 million to the cash reserves of the company.
These warrants were allotted on a rights basis in November 2004.
(Rs 45=1 USD)
Also read:
CNN,
iBN in co-branding, content sharing news deal
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