IL&FS fund invests Rs 400 million in TV18's Global Broadcast News

MUMBAI: Global Broadcast News (GBN), a Television Eighteen Group company, has raised Rs 400 million from Leverage India Fund, a fund managed by IL&FS Investment Managers Ltd (IIML). learns that GBN has been valued at slightly over Rs 4 billion.

According to sources close to the deal, Leverage India Fund will hold a minority stake in GBN at a later stage. GBN owns and runs the newly launched English-language general news channel, CNN IBN.

"The support and funding that we have received from a strong investor like IIML puts GBN in a strong spot to build on its growing leadership position within the Indian broadcasting industry," GBN director and TV18 Group managing director Raghav Bahl said in a communication to the Bombay Stock 

Exchange today.

GBN, which has plans to run a slew of TV channels, had inked a co-branding deal in 2005 year with Turner International (a Time Warner company), owners of CNN.

Last year, the TV18 Group had announced a restructuring to comply with government norms related to news channels that mandates foreign investment in news channel uplinking from India cannot be over 26 per cent.

The business news operations (including Awaaz and CNBC TV18) is being consolidated in TV18, whereas Network 18 India Holdings Ltd will hold majority stakes in TV18 and GBN.

Television Eighteen stock today closed on the Bombay Stock Exchange at Rs 411.40, having opened the day at Rs 420.

(1 US$ = Rs 44)

Also Read:

TV18 Q3 net up 47% to RS 120 million

TV18 founder Raghav Bahl to relinquish 10 per cent stake

Latest Reads
US$ 4.5 bn expected from IPL rights; SC recommends accounts scrutiny

The Supreme Court on Friday froze all financial transactions between the BCCI and state cricket associations by directing the apex body not to disburse any funds till it resolves to abide by the Justice RM Lodha panel recommendations on reforms by 3 December . The top court ordered that none of...

Television TV Channels Sports
TVS Tyres is co-presenter for Asian Champions Trophy 2016

Continuing its strong connect with sports, TVS Tyres has associated with Asian Champions Trophy 2016 by becoming the co-presenter. The Asian Champions Trophy is one of the premier hockey tournaments, a much sought after annual international competition promising some great hockey action. This...

Television TV Channels Sports
Q2-17: Zee Learn declares maiden interim dividend

The board of directors of the Essel group’s education company Zee Learn Limited (ZLL) have declared a first time ever dividend of 5 percent per equity share of Re 1 each for the quarter ended 30 September 2016 (Q2-17, current quarter).

Television TV Channels Factual & Documentary
Whether BARC action can stop unethical practices?

MUMBAI: Can businesses and industries practise their art of selling fairly although they have 'Fair Practices' training during academic courses, workshops and several ISO and other certifications? There seems to be the fear of the lawman, and not the law in India. If the traffic cop is watching,...

Television TV Channels Viewership
TV Superhighway: beIN, Yaddo, AfricaXP have joined us, says Magine CEO Ambuj Goyal

CANNES; Magine has secured partnerships with four of the industry’s most exciting sports, documentary and entertainment content providers. Partnerships with beIN, the international media group and owner of MIRAMAX; Yaddo, the new documentary streaming service headed up by former head of The BBC’s...

Television TV Channels Factual & Documentary
Colors emerges strong on strength of Naagin I & II

MUMBAI: One of the top rated shows Naagin Season 2 helped Colors reach a top-ranking position.

Television TV Channels GECs
Pakistan Broadcasters Association to oppose PEMRA Indian content ban

MUMBAI: The Pakistan Electronic Media Regulatory Authority (PEMRA) shocked both Pakistan and Indian broadcasters when it issued an order blanking out  all Indian content from Pakistan’s television channels on 19 October.

Television TV Channels GECs
Sony Pix to telecast 'Jurassic World' on 22 October

Sony Pix will take the viewers on a thrilling, adventurous journey with cloned dinosaurs in their Billion Dollar Premiere property. The channel plans to air Jurassic World on 22 October at 1 pm and 9 pm.

Television TV Channels English Entertainment
Sony AXN scripts deal with Pinewood; buys stake in SVOD service Hopster

Folks at Sony Pictures Television (SPT) are in a celebratory mood. Not only has it signed a six-series deal with Pinewood Television but has also acquired a minority stake in the London-based video subscription service for kids content - Hopster.

Television TV Channels English Entertainment

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories