Viacom18 is a joint venture between TV18 and Viacom Inc. TV18 will acquire an additional one per cent of Viacom18’s equity from Viacom Inc for USD20 million (about Rs 128 crore) to take management control.
The brands and content licence agreement between Viacom Inc. and Viacom18 also gets extended by 10 years.
The partners believe that in the fast-evolving Media & Entertainment landscape in India, TV18 can drive value -addition and synergies across the multi-platform group comprising broadcast, digital, filmed and experiential entertainment and media businesses . Viacom continues to hold 49 percent in Viacom18, and shares TV18’s vision for scalability and enhanced efficiency at Viacom18. David Lynn, CEO – Viacom International Media Networks, said in a statement, ‘Viacom18 is one of the fastest growing companies in India’s dynamic media and technology sector and, as a result of this transaction, we believe it will be even better-positioned for accelerated growth through closer integration and alignment with the Network 18 Group and its affiliates, including India’s fastest growing mobile network Jio.”
TV18 can drive value-addition and synergies across the multi-platform group comprising broadcast, digital, filmed and experiential entertainment and media businesses. Viacom continues to hold 49 per cent in Viacom18.
Adil Zainulbhai, Chairman – Network18, said ‘The transaction further enables our vision for Viacom18 to accentuate its focus on excellence and integration in the broadcast and digital space.’
Viacom18 started out as a broadcast business with three channels – MTV, Nickelodeon and Vh1-in 2007. Today, it has 44 television channels across 80 countries in six languages. It has also diversified into five lines of business, spawning broadcast, digital, films, merchandise and live events.