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IBN 18 becomes 50% stakeholder in Viacom 18

IBN 18 becomes 50% stakeholder in Viacom 18
PTI
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First Published: Tue, Jul 14 2009. 01 33 PM IST
Updated: Tue, Jul 14 2009. 01 34 PM IST
Mumbai: Media firm IBN 18 Broadcast on Tuesday said that it has acquired a further 15.47% in its group entity Viacom 18 Media for Rs151.14 crore, taking its stake in the entity to 50 %.
“IBN 18 Broadcast is now a 50% shareholder in Viacom 18 Media following the acquisition of Television Eighteen India’s remaining 15.47% stake in Viacom 18,” IBN 18 said in a filing to the Bombay Stock Exchange (BSE).
IBN has paid Rs151.14 crore for acquiring the 15.47% stake, which includes Rs29.64 crore as option premium. The company had earlier paid Rs151.95 crore, it said.
Viacom 18 operates music and entertainment channels like Colors, MTV, Nick and Vh1.
Shares of IBN 18 surged nearly 8% and were trading at Rs97.50 in the noon trade on the BSE.
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First Published: Tue, Jul 14 2009. 01 33 PM IST
More Topics: IBN 18 | Viacom | Media | Colors | MTV |