Media firm TV18 Broadcast Ltd and Cable News Network, Inc (CNN) will end their partnership at the end of their 10-year-old brand licensing agreement in January next year.
In a filing to the BSE, TV18 Broadcast, which operates English news channel CNN-IBN, said the company and CNN “will be successfully concluding their ten-year brand licensing and news services arrangement for use of the CNN brand and CNN news content in January 2016’’.
“The parties have decided not to renew the arrangement,” it said.
In 2005, Global Broadcast News (GBN), a TV18 group company, had signed a branding agreement with CNN Turner International leading to the launch of English news channel CNN-IBN in India.
Later on, GBN became IBN18 Broadcast Ltd, which in turn became TV18 Broadcast Ltd.
Last year, in the biggest-ever deal in the Indian media sector, Mukesh Ambani—led Reliance Industries Ltd (RIL) had acquired control in Network 18 Media & Investments Ltd, including its subsidiary TV18 Broadcast Ltd, for Rs. 4,000 crore through Independent Media Trust (IMT).
TV18 Broadcast Ltd shares were trading at Rs. 35.60 per scrip in the afternoon trade, down 5.32 per cent from the previous close on the BSE.