Global Broadcast to launch 24 hour Marathi News Channel in JV with Lokmat Group

Global Broadcast News Ltd has announced that the Company is entering the regional news space. The Company is launching a 24 hour Marathi language news and current affairs channel.

The channel is being launched through a 50:50 joint-venture with the Lokmat Group, owners of Lokmat, the most widely circulated newspaper in Maharashtra, and other publications including Lokmat Times and Lokmat Samachar.

"The launch of the Marathi channel is a continuation of the growth momentum gained by GBN since its launch and is in line with the Company's strategy of becoming an integrated media platform both nationally and regionally," says Raghav Bahl, Managing Director of the TV 18 Group.

Sameer Manchanda - Joint Managing Director, of the Company said, "We see the regional language space powering the next phase of growth in the Indian television industry. Our partnership with Lokmat will be driven by these opportunities and also be in line with our quest to transform into a full play media house.

"Our new channel will target the 'highly aware and conscious Marathi speaking' audience in Western India with a delivery style to suit their pace of lives. The spotlight will always be on the spirit of 'whatever it takes'. We are proud to be associated with a partner like Lokmat, who stand out by not only capturing the people's mood but also being at the forefront of shaping their opinion."

The stock was trading at Rs.900, up by Rs.17.60 or 1.99%. The stock hit an intraday high of Rs.914 and low of Rs.890. The total traded quantity was 66285 compared to 2 week average of 131737.

Source : Equity Bulls

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