News Broadcasting
GBN to hold 15 per cent in TV18’s Web Holdings
MUMBAI: Raghav Bahl-promoted TV18 Group is consolidating its internet businesses into Web 18 Holdings Ltd. As part of this plan, Global Broadcast News (GBN) has transferred its interactive news and current affairs internet portal, ibnlive.com, to Web 18 Software Services Ltd, a subsidiary of Web 18 Holdings Ltd. With this, GBN will hold a 15 per cent stake in Web Holdings.
According to the consolidation plan, Web 18 Holdings will run the internet businesses either directly or through its subsidiaries. The internet company plans to raise capital from financial or strategic investors.
Bahl has an aggressive internet plan and today announced the acquisition of three companies – Cricketnext.com, Compareindia.com and urban Eye. Earlier TV18 acquired significant stakes in Yatra.com and Jobstreet.com India.
Revenues from TV18’s internet business crossed $1 million during the first quarter of this fiscal.
