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Global Broadcast News Ltd, the Delhi-based broadcaster of news channels, CNN-IBN and IBN 7, has got the government nod to induct up to 26 per cent foreign direct investment (including foreign institutional investors) at an investment of Rs 500 crore. The company already has the board approval to raise upto $200 million via international instruments.
In a news report, the company has said that it would invest Rs 500 crore in an entertainment venture with US media group Viacom Inc. and in launching regional news channels. GBN is part of the Network18 Group (earlier known as TV18). GBN had raised Rs 105 crore via an IPO early this year. GBN had recently bought out the 10 per cent stake of New Vernon Private Equity in IBN 7 (a JV owned by GBN and Jagran Group) for Rs 20 crore. GBN is consolidating IBN 7 to itself from the current JV arrangement (see details here.)