TV18 has renewed its partnership with US-based broadcaster CNN International and has extended its collaboration on the former’s English news channel CNN-IBN. In the second term of the partnership, CNN-IBN will get access to CNN’s reporters and senior editors around the world to provide international perspective. Although, it is unclear if CNN International’s reporters will come to India to report from ground.
The new channel will also get first live reports and discussions in real time from CNN studios around the world during breaking stories. CNN will also provide the technical knowhow and training to CNN-IBN anchors and editors.
Earlier in June, TV 18 said that it would be ending its 10-year brand licensing deal with Turner Broadcasting Systems and the channel would lose the CNN prefix in January 2016. At the time, both the companies mentioned that it was not a breakup but instead a mutual agreement to not renew the brand licensing agreement.
The initial deal was signed between CNN and TV18 group company Global Broadcast News (GBN). GBN was later rebranded to IBN18 Broadcast, then TV18 Broadcast, and currently operates CNN-IBN which was launched in 2005. TV18 also operates Hindi news channel IBN7 and Marathi news channel IBN Lokmat.
The move takes prominence as the Indian government earlier in November raised the cap on foreign direct investment in news media from 26% to 49% through the government approval route. For non-news channels, the government allowed 100% FDI through the auto route.
Interestingly, a Mint report had earlier reported that CNN is in talks with the Zee Group to set up a new English news channel in India, citing sources.
Financials: TV18 posted a net profit of Rs 20.26 crore for the quarter ended September 20, 2015 (Q2-FY16), an increase from the net loss of Rs 0.04 crore from the previous quarter, although a decrease from Rs 43.22 crore profit in the same quarter last year.
The company reported total operational revenues of Rs 608.53 crore for the quarter, up 2% from Rs 596.67 crore in the previous quarter and up 9.9% from Rs 553.67 crore in the same quarter last year.