CNN-IBN parent company acquires 50% stake in Channel 7

Global Broadcast News is the parent company of the recently launched CNN iBN television news channel. And the latest news in is that the company has acquired 50 per cent stake in Channel 7 which is another of the popular Hindi news channel promoted by Jagran TV Private Ltd.

The deal is worth around Rs. 60 crores and might lead to a situation where both the channels work under a single brand name. This is also the first time we are seeing consolidation going on in the Indian news media market, which has seen a spate of new news channels. As per market estimates, as many as 30 players are fighting out for an advertisement pie of about Rs 600 crore.

This news also means that CNN IBN would now have a Hindi news channel companion to compliments its own services. The company claims that they have a 30 per cent market share in the English news space. Channel 7 has around 7 per cent market share in the Hindi news broadcasting space.

The deal is expected to be completed in the next two months.