Following the meeting of the Sub-committee of the Board of Directors, Raghav Bahl, Television Eighteen's Managing Director said, "It has been a historical quarter for the company, CNBC-TV18 and Awaaz channels have posted record growth and we have seen CNN-IBN launch to a tremendous response from viewers."

"With CNN-IBN fast gaining traction in the General News Space it is only a matter of time before TV18 establishes itself as the undisputed leader in the news space in the country. We have also acquired a controlling stake in Channel 7, which is very delighting." adds Bahl.

Pursuant to a Scheme of Arrangement considered by the Board of Directors in its meeting held on Dec 21, 2005, and subject to requisite approvals as may be required, the Media Investment Undertaking of the Company would be demerged, and the Indian News Business, undertaking including business activities of the Awaaz channel would be merged with the Company, in accordance with the provisions of Sections 391 to 394 of the Companies Act, 1956, with effect from their respective Appointed Dates viz. 1st October, 2005 and 1st November, 2005 respectively. No impact of the proposed Scheme has been taken in these results.

( www.televisionpoint.com)