Television Eighteen (TV 18) has scrapped its plans to launch its proposed entertainment channel. The company has enhanced its focus on its co-venture with CNBC Asia — CNBC India — and has defined business news as the core area of focus. CNBC India has now put in place its own marketing team as its marketing alliance with Sony now stands cancelled.
Hence, TV 18 would now handle the sales of advertisement time of CNBC India business news channel, which was previously managed by Sony Entertainment Television.
TV 18 now only has a distribution alliance with SET for CNBC India effective until March 2003, which the company may or may not continue.
The company, having recently downsized its headcount, is however continuing with its existing exposure in the entertainment business. TV 18 holds 49 per cent stake in CNBC India and was planning to offload 20 per cent stake to SET, which now stands changed.
TV 18 is the exclusive content provider for CNBC India for its entire India-based programming. The revenues growth from the business is around 30-35 per cent on a YOY basis.
Source: Business Standard