TV18 Set To Break Ten Year Old Brand Deal With CNN; Stock Falls
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TV18 Broadcast, a country's leading media and broadcasting firm, on Monday said that it will not renew ten year brand licensing and news services arrangement with Cable News Network, Inc. ("CNN") in January 2016.
"TV18 Broadcast Limited ("TV18") and Cable News Network, Inc. ("CNN") will be successfully concluding their ten year brand licensing and news services arrangement for use of the "CNN" brand and CNN news content in January 2016," the company said in a filing to Bombay Stock Exchange.
The parties have decided not to renew the arrangement, TV18 said.
Reacting to the news, shares of company plunged 5.98 per cent to trade at Rs 35.35 on BSE at 12:05 hours.