Global Broadcast News Limited (GBN), broadcasters of India’s leading 24-hour English language news and current affairs channel CNN-IBN, on Monday announced a maiden profit after tax of Rs 2.78 crore for the quarter ended March 31, 2007. The three months ended March 2007 saw gross revenues of Rs 29.06 crore. Significantly, GBN has turned in profit within fifteen months of the launch of CNN-IBN.
Observed Sameer Manchanda, Joint Managing Director, GBN, “The last quarter has seen GBN turn into black, and that too within fifteen months of launch of CNN-IBN. The channel has established itself as the clear leader in the English News segment and is regarded as the favoured news channel by people who matter the most. The media sector is on a growth path and we are proud to be a part of it.”
The increase in advertising support is reflected in the increase in the number of advertisers on CNN-IBN to 250. CNN-IBN continues to be the premier English News channel, with a market share of over 34 per cent amongst Indian English news channels (Quarter average, CS 15-54 Males Sec ABC).
GBN had a successful IPO in January-February 2007, with the issue being oversubscribed more than 49 times.
GBN is part of the Television Eighteen Group (TV18) which operates across multiple platforms including television, Internet, mobile and voice. The group owns CNBC TV18, CNBC AWAAZ, CNN-IBN, and IBN 7, Internet sites including moneycontrol.com, ibnlive.com, easymf.com, indiaearnings.com, commoditiescontrol.com, tech2.com, compareindia.com, yatra.in, cricketnext.com, poweryourtrade.com, jobstreet.com. Other ventures of the group include Newswire 18, Studio 18, HomeShopping Network, and Big Tree entertainment.