CNN-IBN buys 50% in Channel 7 for Rs 60 crOur Corporate Bureau / New Delhi February 11, 2006Global Broadcast News, which owns English news channel CNN-IBN, has acquired 50 per cent stake in Channel 7, a Hindi news channel promoted by Jagran TV Private Ltd, for about Rs 60 crore in an all-cash deal.This marks the start of consolidation in the crowded Indian news broadcasting market, which at present has about 30 players fighting for an advertisement pie of about Rs 600 crore. According to company sources, with this acquisition, CNN-IBN, which has a market share of about 30 per cent in the English news space, will make inroads into the Hindi news market. Channel 7 has about 7 per cent market share in the Hindi news broadcasting space.According to market observers, this move by CNN-IBN will give it a bouquet of television channels for cross promotion and target audience.
