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Breaking News :  Viacom completes acquisition of 50% stake in 5 regional GECs of Network18 for940crore
Saturday 01-August-2015, 06:30,
Viacom completes acquisition of 50% stake in 5 regional GECs of Network18 for940crore
MUMBAI: US media conglomerate
Viacom Inc. has completed its
acquisition of 50 per cent interest in
Prism TV Pvt Ltd for Rs 940 crore (Rs
9.40 billion).
The acquisition, which was recently
approved by the Foreign Investment
Promotion Board (FIPB), gives Viacom
a 50 per cent share in five regional
channels – Colors Marathi, Colors
Kannada, Colors Bangla, Colors Oriya
and Colors Gujarati.
The transaction was completed today
between Nickelodeon Asia Holdings Pte
Ltd., a wholly owned subsidiary of
Viacom Inc., and Shinano Retail
Private Limited, a company
effectively 100 per cent owned by
Reliance Industrial Investments and
Holdings Limited, a wholly owned
subsidiary of Reliance Industries
Limited.
While Viacom will hold 50 per cent
stake in the above mentioned
channels, the remaining 50 per cent
stake in Prism TV will continue to be
with Network18 Group.
Viacom president and CEO Philippe
Dauman said, “We’re thrilled to be
broadening our presence in one of the
largest and fastest growing TV
markets in the world, and deepening
our already strong partnership with
Network18. This acquisition is an
important step in building on our
leadership position in India, a key
market in Viacom’s international
growth strategy.”
Network18 group CEO AP Parigi added:
“This acquisition by Viacom
International Media Networks further
strengthens the partnership with
Network18 both in terms of depth and
breadth. I am confident India will
emerge as a global entertainment
powerhouse in the year ahead.”
Viacom International Media Networks
president and CEO Bob Bakish said:
“Regional TV networks – and regional
ad markets – are the next wave of
growth in India. Having a strong
national and broad regional presence
gives us a powerful platform to launch
additional brands, and introduce
successful franchises and formats
across India.”
Viacom18 group CEO Sudhanshu Vats
said, “This acquisition is a big
milestone for Viacom and Network 18
and it showcases their combined
conviction to build a powerful
broadcast offering for the Indian
market. We are delighted by the
transaction and the next growth
phase for the companies.”
http://www.televisionpost.com/television...940-crore/
ANIL G
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