CNBC to pick up more stake in Indian TV firm

Friday, 23 May 2003, 07:00 Hrs
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CNBC Asia Pacific Thursday said it would pick up a stake in Indian television production company TV 18, which is set to be restructured under the Indian government's guidelines for TV news channels.

NEW DELHI: "We have agreed that we will continue as a joint venture and we are going to give it (the new entity) all our strength," said Alexander Brown, president and chief executive officer of CNBC Asia Pacific.

"We are in the process of finalising all the details," Brown told a press conference here.

CNBC Asia and TV 18 currently have a 51:49 percent joint venture.

Earlier this year, the Indian government issued new guidelines for television news channels under which foreign equity in news channels was capped at 26 percent.

"CNBC Asia Pacific may take a less than 26 percent stake in TV 18 or any other company which is a part of TV 18," said Raghav Bahl, managing director of New Delhi-based TV 18.

Bahl said the company would invest $1.5 million in setting up state-of-the-art broadcasting facilities. "The restructuring will be done in a manner to capture value for all existing TV 18 shareholders," he said.
Source: IANS

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