| CLICK HERE FOR VIDEO Viacom Inc, US and the TV18 Group today announced the creation of a new 50:50 joint venture operation christened Viacom-18. According to an official release issued by TV18 Group firm Network 18 Fincap to the BSE today, the strategic alliance will include television, film and digital media content across brands to build a multi-platform entertainment company. As part of the agreement, Viacom-18 will launch a new Hindi-language general entertainment cable and satellite channel in the country within the next year. It will include original, locally produced programming and acquisitions. MTV Networks (MTVN), a unit of Viacom, will contribute its local networks, MTV, Vh1 and Nickelodeon India, to the joint venture. Viacom-18 will also launch a further suite of targeted channels in the future from the MTV Networks portfolio, as well as new brands, Digital media content across all the television brands will be developed and distributed to Indian consumers. The joint venture will also syndicate MTVN programming and newly produced content. The TV18 Group will contribute its motion pictures division operation to the joint venture, which produces, acquires and distributes Hindi-language films. Additional cooperation in the Indian market beyond this alliance includes joint ownership of the management of The Indian Film Company, which is in the process of being listed on the Alternative Investment Market (AIM) of the London Stock Exchange. In the coming months, Viacom's Paramount Pictures and DreamWorks studios will explore additional opportunities for collaboration with Viacom-18. Philippe Dauman, president & CEO, Viacom said: "India is one of Viacom's priority markets for expansion internationally...This partnership will transform and significantly enlarge our business to offer audiences greater content diversity across platforms, and opportunities for advertisers to reach the full spectrum of demographics. The film operation for Viacom-18 will provide strong synergies with the TV and digital media business, as well as complement our Paramount and DreamWorks studios." Commenting on the partnership, Raghav Bahl, MD, TV18 Group said: "We are delighted to enter the multi-platform entertainment space in partnership with Viacom. We are confident that Viacom-18 will entertain India's burgeoning film and television audiences. Viacom-18 will also propel the TV18 Group into the league of a truly diversified and broad-based media conglomerate."
|
Top Section
Explore Business Standard