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GBN buys New Vernon’s 10 per cent stake in Jagran TV for Rs 20 cr

18-December-2007
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GBN buys New Vernon’s 10 per cent stake in Jagran TV for Rs 20 cr

Global Broadcast News (GBN), broadcasters of 24-hour English news and current affairs channel CNN-IBN, is buying out the 10.01 per cent stake of Mauritius-based New Vernon Private Equity Fund in Jagran TV for Rs 20 crore.

It may be recalled that last year, GBN had picked up 49 per cent in BK Fincap, the holding company of Jagran TV, which owns Hindi news channel IBN 7.

According to a company release, the GBN Board had approved the acquisition of 1,347,231 equity shares, amounting to the 10.01 per cent share that New Vernon had in Jagran TV.

Also see: New Vernon to buy 25% of Jagran TV

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