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TV18 picks controlling stake in Viacom18

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Mumbai: Mukesh Ambani-controlled media group TV18 Broadcast, a part of Network18 Media & Investments, today said it will take majority control in Viacom 18 by acquiring its joint venture partner Viacom Inc’s 1% equity for a consideration of $20 million.

“TV18 shall raise its stake to 51% by acquiring 1% of Viacom18’s equity from the US multinational media conglomerate Viacom Inc for a consideration of $20 million,” TV19 Broadcast said in a statement.

With this the brands and content licence agreements between Viacom Inc and Viacom18 also get extended by 10 years, the company added.

Viacom continues to hold 49% in Viacom18 and shares TV18’s vision for scalability and enhanced efficiency at Viacom18, it said.

It further said in the fast-evolving domestic media and entertainment landscape, the partners believe that TV18 can drive value-addition and synergies across the multi-platform group comprising broadcast, digital, filmed and experiential entertainment and media businesses.

“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 its affiliates’ strength across the media and telecom value-chain,” Network18 chairman Adil Zainulbhai said.

Viacom18 has 44 TV channels across 80 countries in six languages. It has five lines of business broadcast, digital, films, merchandise and live events.

Its portfolio of entertainment channels across genres include Colors, Nickelodeon and MTV. Viacom18 also operates OTT platform Voot, and produces and distributes films through Viacom18 Motion Pictures.

Viacom18 had reported total revenues of Rs 3040.7 crore in last 2016-17.

“This development will allow us to leverage deeper synergies with Jio as we enter our next growth phase,” Viacom18 Group chief executive Sudhanshu Vats said.

Viacom International Media Networks chief executive David Lynn said, “Viacom 18 is one of the fastest growing companies in India’s dynamic media and technology sector and, as a 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 mobile network Jio.”

PTI 

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