GBN to buy 10% stake in parent firm of IBN7

GBN to buy 10% stake in parent firm of IBN7

Mumbai: Global Broadcast News (GBN), which is a part of the TV18 group, today said it will acquire 10% stake in Jagran TV Pvt Ltd for a consideration of Rs20 crore.

The company, which manages the operations of Hindi news channel IBN7, would buy the 10% stake from Mauritius-based private equity fund New Vernon Private Equity Ltd.

Jagran TV, which owns Hindi news channel IBN7, is itself a joint venture between between media house Jagran Group and TV18.

In a filing to the Bombay Stock Exchange, GBN said it would acquire 13.47 lakh equity shares constituting 10.01% stake of Jagran TV.

The proposal was approved by the firm’s board of directors during its meeting held today.

Media conglomerate Network18 is the holding company of both TV18 and GBN.

In late afternoon trade, shares of the company were trading at Rs991.50, up 2.32%, at the BSE.