TV18 takes majority stake in the JV with Viacom Inc

TV18 Broadcast and Viacom Inc, joint-venture partners in Viacom18 Media have announced that TV18 shall take operational control of Viacom18. TV18 shall raise its stake to 51% by acquiring 1 percent additional stake of Viacom18’s equity from Viacom Inc. for a cash consideration of USD 20 million. The brands and content licence agreement between Viacom Inc. and Viacom18 also gets extended by 10 years. Viacom Inc continues to hold 49 per cent in Viacom18. 

 

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

 

David Lynn, CEO, Viacom International Media Networks, said, “Viacom 18 is one of the fastest growing companies in India’s dynamic media and technology sector and, as a result 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 India’s fastest growing mobile network, Jio. We see clear potential to expand it in live events and recreation, in line with our growing global presence in these lines of business.”

 

Sudhanshu Vats, group CEO, Viacom18 said, “We turned 10 last year and our growth journey has been exciting to say the least. None of this would have been possible without the support and commitment of both our partners. This development will allow us to leverage deeper synergies with Jio as we enter our next growth phase. As India’s youngest full-play media organisation, we remain committed to winning the hearts of our audiences across all our on-air, on-line, in-store, in-theatre and on-ground businesses- and enriching the digital life of every Indian.”

 

A broadcast business with 3 channels – MTV, Nickelodeon and Vh1 – in 2007, Viacom18 today has 44 television channels across 80 countries in 6 different languages. It has also diversified into five lines of business -- broadcast, digital, films, merchandise and live events. Viacom18 has reported total revenues of  INR 3040.7 crore in financial year 2016-17.