TV18 Broadcast has bought an additional 1 per cent stake in its joint venture (JV) Viacom18 for USD 20 Million. Mukesh Ambani owned TV18 and Viacom have equal stakes in the joint venture.
The powerful and highly successful Viacom18 has 44 channels across genres and has five lines of businesses.
Commenting on the acquisition, Network18 chairman Adil Zainul bhai said, “The transaction further enables our vision for Viacom18 to accentuate its focus on excellence and integration in the broadcast and digital space. The entertainment powerhouse continues to be bolstered by Viacom’s global expertise in content creation and curation, along with Network18 group and affiliates’ strength across the media & telecom value-chain.”
The partners of the JV have also strengthened their 10-year alliance by renewing the brand and content licence agreement for 10 years.
According to Viacom18 Group CEO Sudhanshu Vats, “We turned 10 last year and our growth journey has been exciting to say the least. None of this would have been possible without the support and commitment of both our partners. This development will allow us to leverage deeper synergies with Jio as we enter our next growth phase. As India’s youngest full-play media organization, we remain committed to winning the hearts of our audiences across all our on-air, online, in-store, in-theatre and on-ground businesses- and enriching the digital life of every Indian.”
Commenting on the acquisition, Network18 chairman Adil Zainul bhai said, “The transaction further enables our vision for Viacom18 to accentuate its focus on excellence and integration in the broadcast and digital space. The entertainment powerhouse continues to be bolstered by Viacom’s global expertise in content creation and curation, along with Network18 group and affiliates’ strength across the media & telecom value-chain.”
The partners of the JV have also strengthened their 10-year alliance by renewing the brand and content licence agreement for 10 years.
According to Viacom18 Group CEO Sudhanshu Vats, “We turned 10 last year and our growth journey has been exciting to say the least. None of this would have been possible without the support and commitment of both our partners. This development will allow us to leverage deeper synergies with Jio as we enter our next growth phase. As India’s youngest full-play media organization, we remain committed to winning the hearts of our audiences across all our on-air, online, in-store, in-theatre and on-ground businesses- and enriching the digital life of every Indian.”
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