Television

GBN buys out New Vernon's stake, ups holding in Jagran TV to 55%

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MUMBAI: Global Broadcast News (GBN) is buying out the 10.01 per cent stake of Mauritius-based New Vernon Private Equity Fund in Jagran TV for Rs 200 million.

With this, GBN will hold around 55 per cent stake in Jagran TV which owns and operates Hindi language news channel IBN 7.

Last year GBN had picked up 49 per cent in BK Fincap, the holding company of Jagran TV.

"We will be holding around 55 per cent in Jagran TV. We have bought out the stake of New Vernon," GBN joint managing director Sameer Manchanda tells Indiantelevision.com.

Even as private equity fund New Vernon has exited from Jagran TV, the Gupta family who are founder-promoters, continue to hold stake in Jagran TV.

GBN board has approved the acquisition of 13,47,231 equity shares, or 10.01 per cent, from New Vernon in Jagran TV, the company said on Monday.

GBN plans to launch its Marathi news channel in the first quarter of 2008, says Manchanda. GBN has a 50:50 joint venture with Lokmat group for the Marathi news channel.

"we are looking at other regional news channels but haven't firmed up our plans yet," adds Manchanda.

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