News Broadcasting
Global Broadcast doubles on debut
MUMBAI: Global Broadcast News, owners and operators of English news channel CNN-IBN and Hindi news channel IBN-7, opened big and closed even bigger – at more than double its issue price of Rs 250.
The scrip opened on the Bombay Stock Exchange today at Rs 417.10, touched an intraday high of Rs 524, and closed at Rs 510.10 with over 13 million shares changing hands.
On the National Stock Exchange the share closed at Rs 505.90, with volumes of over 18 million shares, after opening at Rs 425.
GBN entered the capital market with an initial public offering (IPO) of equity shares aggregating upto Rs 1.05 billion. The issue was oversubscribed 48.74 times.
GBN is part of the Television 18 Group, which owns and operates leading business channel CNBC TV18 as well as consumer business CNBC Awaaz.
The company proposes to utilise the net proceeds of the IPO issue to finance acquisition of land, meet construction cost and repayment of loans.
The book running lead managers to the issue were ICICI Securities and Kotak Mahindra Capital Company. The co-book running lead managers to the issue were JM Morgan Stanley and IL&FS Investsmart.
News Broadcasting
BBC to cut up to 2,000 jobs in biggest overhaul in 15 years
Cost pressures and leadership change drive major workforce reduction plan
LONDON: BBC has unveiled plans to cut up to 2,000 jobs, roughly 10 per cent of its global workforce, in what marks its biggest downsizing in 15 years.
The announcement was made during an all-staff meeting led by interim director-general Rhodri Talfan Davies, as the broadcaster moves to tackle mounting financial pressures and reshape its operations.
Between 1,800 and 2,000 roles are expected to be eliminated from a workforce of around 21,500. The cuts form part of a broader plan to save £500 million over the next two years, aimed at offsetting rising costs, stagnating licence fee income and weaker commercial revenues.
In a communication to staff, BBC interim director-general Rhodri Talfan Davies said, “I know this creates real uncertainty, but we wanted to be open about the challenge,” acknowledging the impact the move would have across the organisation.
The restructuring comes at a time of leadership transition. Former director-general Tim Davie stepped down earlier this month, with Matt Brittin, a former Google executive, set to take over the role on May 18, 2026.
While some cost-cutting measures are being implemented immediately, the majority of the structural changes are expected to roll out over the next few years, with full savings targeted by the 2027–2028 financial year.
The broadcaster had earlier signalled its intent to reduce its cost base by around 10 per cent over a three-year period, warning of “difficult choices” as it adapts to shifting economic realities and audience expectations.
With operating costs hovering around £6 billion annually, the BBC’s latest move underscores the scale of the financial challenge it faces, as it balances public service commitments with the need for long-term sustainability in an increasingly competitive media landscape.
