TV18 picks controlling stake in Viacom18; pays $20 mn for 1% stake

TV18 Broadcast and Viacom, joint venture partners in Viacom18 Media Private Limited, announced that the Reliance Industries-owned TV18 shall take operational control of broadcast and entertainment network Viacom18. TV18 shall raise its stake to 51 per cent by acquiring 1 per cent of Viacom18’s equity from Viacom for a cash consideration of $20 million. Viacom continues to hold 49 per cent in Viacom18.

The brands and content licence agreement between Viacom and Viacom18 also got extended by 10 years.

Viacom18 was established in 2007 as a 50:50 JV between the two. It is home to TV brands like MTV India,