TV18 and CNN will not renew their licencing agreement for CNN IBN news channel from next year
TV18 Broadcast Ltd and Cable News Network Inc (CNN) have decided not to renew their 10-year licensing agreement for English news channel CNN IBN in India. This means from January 2016 onwards CNN will move away from IBN and the TV18 group and both will go own way.
"TV18 and CNN will be successfully concluding their 10-year licensing arrangement in January 2016 for CNN IBN. The conclusion of the arrangement will enable each company thereafter to chart its own growth trajectory independently in one of the most dynamic, complex and fast growing markets in the world," the companies said in a joint statement.
On 7 July 2014, Independent Media Trust (IMT) a subsidiary of Mukesh Ambani-led Reliance Industries Ltd (RIL) took over the controlling stake of TV18 Broadcast and Network18 Media and Investments.
At 12.32pm, TV18 was trading 2% up at Rs37.05 and Network18 was up 4.8% at Rs59.10 on the BSE, while the benchmark S&P BSE Sensex was marginally up at 27,674.