GBN To Buy 10% Stake In Jagran TV Pvt. Ltd.

Global Broadcast News (GBN), a TV18 Group company and the owner of CNN-IBN, has announced that the company is all set to purchase 10% stake in Jagran TV Pvt. Ltd., the owner of IBN 7 (Hindi news channel) for Rs 20 crore

The company will buy 13,47,231 equity share, or 10% from Mauritius-based private equity fund, New Vernon Private Equity Ltd.

GBN posted a loss of Rs 46.5 crore on revenue of Rs 6 crore in FY 2006 and a loss of Rs 26 crore on revenue of Rs 24 crore in the six months ended September 2006. The company can make losses for a few more quarters.

The company presently holds market cap worth Rs. 2582. The firm made a loss of Rs. 6 crore for the quarter ended September 2007.

The stock closed today at Rs. 967 on NSE, down by 0.19% compared to previous close of Rs. 969. It touched an intraday high of Rs. 1025 and low of Rs. 940.