English news channel CNN IBN has renewed its content partnership with Turner Broadcasting System Inc's CNN and leading Indian television broadcast network TV 18 six months after reports speculated that CNN might drop the Indian news channel and opt for Subhash Chandra's Zee Group.
It may be recalled that TV 18 was acquired by Mukesh Ambani's Independent Media Trust in May 2014, the month Narendra Modi's BJP swept to power in the Lok Sabha elections. Ambani is perceived as being close to Modi.
Both CNN-IBN and TV 18 are now part of Ambani's Network 18 Media and Investments Ltd.
There was a strong speculation in July that the Zee Group was in talks with CNN for a partnership to launch what would have been the Zee Group's foray into English news broadcasting. The group currently has a Hindi news channel.
On 1 December, announcing the partnership, Network18 chairman Adil Zainulbhai said it would "enhance the process of news gathering".
"In this second term of our collaboration, we aim to present a brand new CNN-IBN that will bring news with even greater speed, accuracy, clarity and credibility and keep the viewers tuned in to the latest news and developments much ahead of others. With this renewed partnership, we will enhance the process of newsgathering and delivery to our viewers in an informative and enlightening manner," said Zainulbhai.
CNN International Chief Commercial Officer Rani Raad said: "We are really excited about the future of CNN-IBN, and, with the new management at TV18, are going to build upon the success we have already achieved."
TV 18's stock closed at Rs 36.40 on the BSE on Tuesday, up 2.10% from its previous close.