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MUMBAI:
Global Broadcast News Ltd (GBN), the subsidiary of media conglomerate
Network18 that looks manages news channels CNN-IBN and IBN
7 as well as its mainstream broadcast and film, on Thursday
posted profit after tax of Rs 17.8 million for the quarter
ended 31 December, 2007, as against a loss of over Rs 90 million
in the year-ago period.
Revenues
grew 53.57 per cent at Rs 387 million during the quarter as
compared to Rs 252 million in the corresponding previous year
quarter.
GBN
joint managing director Sameer Manchanda said: : “This
quarter GBN acquired interest in the non-news (entertainment)
space through Viacom18, which will make GBN a fully integrated
broadcasting player with leading brands across genres. CNN-IBN
and IBN7 are leading brands in news, MTV and VH1 hold leadership
position in music, Nickelodeon is rated as one of the most
sticky kid’s channel and Studio18 distributed two of
the most successful films (Jab We Met & Welcome)
of 2007.” .
GBN
would be investing aggressively in launching regional news
channels, the results statement said. As already reported
on Indiantelevision.com, the first off the blocks will be
a Marathi news channel IBN Lokmat. The channel is expected
to launch in the beginning of the next quarter.
Highlights:
- GBN’s
revenues grow from Rs 252.09 mn to Rs 387.55 mn year on
year.
- IBN7
revenues grow from Rs 69.17 mn to Rs 162.60 mn year on year.
Last
month, GBN got the government nod to induct up to 26 per cent
foreign direct investment (including foreign institutional
investors) worth Rs 5 billion. GBN had raised Rs 1.05 billion
from the capital market with an initial public offer (IPO)
early last year. GBN had earlier taken board approval to raise
capital up to $200 million by way of international offerings.
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