IBN18 Broadcast Ltd has announced on Wednesday (January 28) to acquire 43.4 percent stake in Viacom18 Media for $62.5 million. Viacom18 is a unit of Television Eighteen India Ltd. In a statement to the Bombay Stock Exchange (BSE), IBN18 Broadcast informed that its board has approved the acquisition.

 

The acquisition will make IBN18 the fifty percent shareholder in Viacom18. IBN18 had earlier acquired 6.6 per cent of Viacom18 which runs channels such as MTV, Vh1, Nickelodeon, and Colors. Talking to media, joint managing director of IBN18, Sameer Manchanda said that although every business is going through a tough time due to global slowdown, IBN18 along with its units have been able to generate impressive revenue growth.

 

IBN18 Broadcast Ltd owns and operates 24 hours English language news and current affairs channel. Apart from handling business channels and internet portals, it offers products like video, media and software for television. The revenue growth of the channels own by the group is very impressive.