Reuters To Invest $19.86 Million In Times Global Broadcasting

Business Standard: Here are the key numbers of the Reuters-Times deal for the TV channel Times Now. Reuters will pay $19.86 million (about Rs 89 crore) to pick up a 25.82 per cent stake in Times Global Broadcasting Company Limited, owner of news channel Times Now. This is revealed in an application filed by Reuters with the Foreign Investment Promotion Board. Reuters will pay Rs 40.36 for each of the 22.14 million shares.
This puts the total valuation of Time Global Broadcasting, which launched its channel about two weeks back at $76.91 million (Rs 346 crore). The other shareholder in the Indian company is Bennet, Coleman & Co, the publisher of The Times of India and The Economic Times. The valuation of Time Global is much higher than the $27 million (Rs 121 crore) valuation recieved by Jagran Television, that runs Channel 7, last week when CNN-IBN bought a 50 per cent stake for $13.5 million.

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