Reliance Broadcast Network up 4pc on deal with CBS

The Anil Ambani Group firm Reliance Broadcast Network (RBN) today settled up 4 per cent, buoyed by the company's entry into the television broadcasting space by forming an equal joint venture with the American media conglomerate CBS Corp.

Shares of Reliance Broadcast Network (earlier known as Reliance Media World) closed at Rs 79.10, up 4 per cent on the Bombay Stock Exchange. During the day, the scrip surged 5 per cent to hit-upper circuit at Rs 79.85.

"The stock today rallied complementing the broader market index Sensex. The market is volatile and investors may take time in making any long-tern investment in the scrip and rather will see its performance for some more time," SMC Global vice-president Rajesh Jain said.

A similar trend was seen on the NSE where it settled at Rs 79.70, up 4.87 per cent. On volume front, a total of 3.5 lakh shares of RBN changed hands on both the bourses.

Reliance Broadcast Network in a June 19 letter to the bourses had announced formation of a 50:50 joint venture with CBS Studios International, a wholly-owned subsidiary of CBS Corp, for owing and/or operating a portfolio of television channels.

The joint venture will initially broadcast English language general entertainment channels and will explore Hindi and regional language GECs in the next phase.

Source- Economic Times