Times Global Broadcasting Corporation Ltd, which is readying to
launch business news channel ET Now, is on the hunt for an investor
to raise close to $50 million (Rs 2.5 billion).
company is looking at a dilution of 25-26 per cent equity and
has mandated UBS Securities India to help in this pursuit, sources
say. When TGBCL launched the English general news channel, it
had roped in Reuters as a strategic partner with a 26 per cent
valuation at around $200 million (Rs 10 billin) seems to be steep
at a time when the market cap of media companies has contracted
in the wake of a global financial turmoil.