Jagran Group sells 37 pc stake in Channel 7 to Global Broadcast News

The development that has occupied news space for a while now, is finally fructifying. Jagran Group has sold 37 per cent stake in Channel 7 to GBN.

by exchange4media Staff
Published: Feb 10, 2006 2:19 PM | 1 min read

Jagran Group sells 37 pc stake in Channel 7 to Global Broadcast News

The development that has occupied news space for a while now, in terms of speculative reports and vehement denials from Global Broadcast News (GBN) and the Jagran Group, is finally fructifying. Jagran has sold 37 per cent stake in its Hindi news channel, Channel 7, to GBN (the TV18 venture with Rajdeep Sardesai and Sameer Manchanda).

At the time of filing the story, officials from neither entities were available for comments. Confirming the development, an informed source, on condition of anonymity, disclosed that Rajdeep Sardesai would be the Editor-in-Chief of Channel 7 in its new structure, and a Managing Editor, who would report to Sardesai, would be appointed to run the day-to-day operations of channel. In essence, the editorial control of the channel will be with GBN and that the company was looking at management control as well.

The move was promoted given GBN’s intention to be present in the Hindi news genre as well, and that taking over an existing channel would tackle problems like distribution beforehand.

Sources in the know averred that it was even possible that the new entity might be listed on the market when it opened on Monday. A formal announcement to this effect is likely to be made in 2-3 days.