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MUMBAI:
Global Broadcast News Ltd has got Foreign Investment Promotion
Board (FIPB) clearance to induct up to 26 per cent foreign
direct investment (including foreign institutional investors)
worth Rs 5 billion.
GBN
runs English and Hindi news channels CNN-IBN and IBN-7.
Part
of the Network18 Group, GBN had raised Rs 1.05 billion from
the capital market with an initial public offer (IPO) early
this year.
GBN
had earlier taken board approval to raise capital up to $200
million by way of international offerings.
It
is important to note that Network18's partnership in the joint
venture with media conglomerate Viacom for its upcoming general
entertainment business in India is through GBN. The FDI clearance
is important in that context.
Viacom-18,
the 50:50 JV company, will require an investment of Rs 5 billion
on the outer side which includes the launch of the Hindi general
entertainment channel. As per current information available
with Indiantelevision.com, the channel is targeting launch
in the first half of April.
The
new venture covers areas of television, film and digital media
content across numerous brands. It includes Viacom's existing
channels in India, MTV Networks, Vh1 and Nickelodeon India.
TV 18 Group's motion pictures business through Studio 18 will
also move to the JV company.
"Viacom-18
already has businesses from Studio 18 and the three MTV channels.
Once Studio 18 completes its ongoing projects, the entire
film business will be under the JV operations," group
CEO Haresh Chawla had told Indiantelevision.com in an earlier
interaction.
Viacom-18
will also launch a further suite of targeted channels in the
future from the MTV Networks portfolio as well as new brands.
Digital media content across all of the television brands
will be developed and distributed to Indian consumers. The
joint venture will also syndicate MTV network's programming
and newly produced content.
Also
Read:
GBN
to be TV18's arm for JV with Viacom
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