IBN 7 to be merged with GBN; 5:1 stock split announced

MUMBAI: Global Broadcast News Ltd today announced the merger of Hindi news channel IBN-7 within itself after acquiring the balance stake in the holding company and a 5-for-1 stock split.

The balance stake in Jagran TV Pvt LTD, the joint venture holding company, is presently with the Gupta family, IBN 7's original promoters and owners of Hindi print major Dainik Jagran.

GBN will issue 1,467,390 shares of Rs 10 each (4. 45 per cent of GBN's capital after dilution and exercise of 3,000,000 warrants) to the Gupta family for the balance stake in Jagran TV. A further 1,793,478 equity shares of RS 10 each of GBN will be held in a Trust.

"The Board also accorded approval for sub-division of the nominal value of its equity share from the present RS 10 per share to RS 2 per share resulting in a 5-for-1 stock split," according to an official statement.

The announcement follows GBN's acquisition earlier this week of a 10 per cent direct stake in Jagran TV from New Vernon Pvt Equity LTD for RS 200 million. Prior to that transaction, GBN held a 49 per cent stake in the joint venture holding company BK Fincap, which held 90 per cent stake of Jagran TV (the remainder being with New Vernon).

Besides, IBN 7, GBN also owns CNN IBN. It is also entering the regional news space with the launch of a Marathi news channel with Lokmat Group.

Through GBN, Network18 operates a joint venture with Viacom called Viacom18. The JV operates the MTV, VH1 and Nickelodeon channels in India - as also Studio18, the Group's filmed entertainment operation and will be launching a Hindi general entertainment channel.

Latest Reads
Right time for the LCO ecosystem to reinvent itself: Jio Platforms' Saurabh Sancheti

Mumbai: Saurabh Sancheti, the young and dynamic CFO of Jio Platfroms, and one of Fortune India’s 40 under 40 has been instrumental in scripting the success story of Reliance’s Cable business post its acquisition of two largest cable TV and broadband companies in the country - Hathway Cable &...

Television TV Channels People
Sony Sports ropes in five sponsors for ‘The Ashes 2021’

Mumbai: Sony Pictures Sports Network (SPSN) is set to telecast ‘The Ashes 2021’ live from 8 December. The broadcaster has roped in BYJU’s, Policy Bazaar, Siggnature Elaichi, Bosch Appliances, Dafa News as sponsors. The series will be aired on Sony Six (English), Sony Ten 3 (Hindi), and Sony Ten 4 (...

Television TV Channels Sports
ICC Men’s T20 World Cup '21 garners reach of 167 million on TV

Mumbai: The ICC Men’s T20 World Cup 2021 garnered a reach of 167 million on TV. The event staged in the UAE and Oman, broke viewership records in several regions, including India, as per data shared by the cricket governing body. There was nearly 10,000 hours of live coverage of the tournament...

Television TV Channels Sports
TV9 Network onboards Munaf Merchant as VP - sales

Noida: As part of its aggressive expansion plans, TV9 Digital has strengthened its digital sales team further and onboarded Munaf Merchant as vice president – sales. Merchant will be responsible for building and driving direct revenue streams that cater to the TV9 Digital platforms bouquet. He will...

Television TV Channels Viewership
Zee 24 Taas to host 'Udaan - Dare to Dream'

Zee 24 Taas is set to host 'Udaan – Dare to Dream' event that aims to shine a light on emerging businesses that are achieving excellence through innovation. The event will celebrate and acknowledge the inspiring stories of achievers, champions, and entrepreneurs who have exemplified leadership,...

Television TV Channels Regional
iTV Network launches NewsX Kannada news portal

One of India’s largest news networks iTV Network on Thursday launched in Bengaluru in the presence of Karnataka chief minister Shri Basavaraj Bommai.

Television TV Channels Regional
NBCUniversal launches DreamWorks, E! Entertainment in India

NBCUniversal International Networks and Direct-To-Consumer (DTC) on Thursday announced the launch of DreamWorks and an E! Entertainment branded zone for Jio subscribers in India.

Television TV Channels GECs
Star India consolidated its market share post-lockdown: Kevin Vaz

In the 18 months post-lockdown, Star TV network has emerged as the top broadcaster with over 30 per cent network share and strong growth across network channels, said Star and Disney India president and head – network entertainment channels Kevin Vaz.

Television TV Channels Viewership
One Life Studios bags worldwide rights for media licensing of TPL

One Life Studios (OLS), synonymous with creating Indian content for the world, is set to make a mark in premium sports entertainment. OLS has won the worldwide rights for the media licensing of the brand new season of Tennis Premier League (TPL).

Television TV Channels GECs

Sign up for our Newsletter

subscribe for latest stories

* indicates required