Televisionpoint.com Team Television Eighteen, TV18, has announced its second quarter results. The company's Q2 net profit is up 25.3% at RS 10 crore from RS 7.99 crore quarter-on-quarter, QoQ. Its Q2 net sales is up 15.8% at RS 30.8 crore from RS 26.6 crore QoQ. Its Q2 net profit is up 42% at RS 10 crore from RS 7.05 crore YoY. Its Q2 revenue is up 54.7% at RS 30.8 crore from RS 19.9 crore YoY.
It has also said that as per the company's restructuring plans, if a TV18 shareholder has 100 shares, then 70 shares will continue to be in TV18 India. With the added value that he is getting for those 70 shares, he will also get 100% of Awaaz and 23% of portfolio investment in India Broadcast News, IBN. The balance 30 shares will be held in the TV18 Network. Of these, 15 shares will have a direct exposure to the CNBC line of business, as the holding company has 51% of the CNBC businesses.
According to TV18's Managing Director Raghav Bahl, the new restructuring undertaken has been without any equity dilution and without shareholders paying for the consolidation.
According to Bahl, the main feature of the scheme is that TV18's equity base does not go up after the restructuring and will continue to be in the region of 2.1 crore shares, the current equity base of the company. Bahl says that the driving force behind the restructuring process was the government clause, according to which a single dominant Indian shareholder must have a 51% stake in a news channel in India.
Meanwhile, CNN has inked an exclusive India partnership with the TV18 group. TV18's soon to be launched, general news channel will now be called CNN-IBN.
Copyright 2005 - 2009 Televisionpoint.com. All rights reserved. A Bhash Media Private Limited Company. This site is best viewed in Internet Explorer 6.0 or higher versions, at a resolution of 1024 x 768 pixels.