iacom Inc. VIAB VIA), today announced that it has acquired a 50%
interest in Prism TV Private Limited for 9.4BN rupees (approximately $153M
USD). Prism TV owns and operates regional entertainment channels in India,
including ETV Marathi, ETV Kannada, ETV Bangla, ETV Oriya and ETV Gujarati,
all of which were recently rebranded under the 'COLORS' umbrella.
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% owned by Reliance Industrial Investments
and Holdings Limited, a wholly owned subsidiary of Reliance Industries
Limited. The parties received clearance from India's Foreign Investment
Promotion Board earlier this month.
With this acquisition, Viacom Inc. will hold 50% of Prism TV and the
remaining 50% interest will continue to be owned by the Network18 Group,
Viacom's partner in the Viacom18 joint venture. Viacom18 is the fastest
growing entertainment network in India, operating 10 channels including MTV,
Nickelodeon, Comedy Central and COLORS, a leading Hindi general
entertainment brand. The deal gives Viacom a significant presence in the
fast growing regional TV sector in India, where almost 60% of the population
of more than 1.2 billion people speak regional dialects as their first
language. Collectively, regional TV stations account for the second largest
share of viewing in the Indian market, behind only Hindi general
entertainment channels.
Philippe Dauman, President and CEO of Viacom, 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."
A P Parigi, Group CEO Network18, said: "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."
Bob Bakish, President and CEO of Viacom International Media Networks, 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."
Sudhanshu Vats, Group CEO Viacom18, said: "This acquisition is a big
milestone for Viacom & 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."
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