Viacom, TV18 form Viacom-18, a multi-platform media company

By , agencyfaqs!, Mumbai | In Media Publishing | May 23, 2007
The joint venture will launch a general entertainment channel and foray into film production and digital media

Viacom and TV18 & #BANNER1 & # Group have entered into a 50:50 joint venture in India. This strategic announcement was made at a press conference in Mumbai yesterday. The new entity will be christened Viacom-18. A board of directors with equal representation from both companies will decide on a CEO to head the venture.

This alliance will see the launch of television channels and a foray into film production and digital media services. Both the media entities hope to create a multi-platform entertainment company with this alliance. As part of the agreement, MTV Network's brands in India - MTV, Nick and VH1 - will become part of Viacom-18 and will be co-owned by both the companies.

Philippe Dauman,
and CEO, Viacom
The TV18 Group will contribute its motion pictures division to the joint venture, which produces, acquires and distributes Hindi films. Viacom's Paramount Pictures and DreamWorks Studios will also explore opportunities for collaboration with Viacom-18.

The partnership will see the launch of a cable and satellite general entertainment channel within the next year. It will feature original, locally produced and acquired programming. According to Bill Roedy, vice-chairman, MTV Networks, Viacom-18 will also launch a series of niche channels from the MTV Networks portfolio, as well as new brands. Digital media content across all the television brands under the venture will be developed and distributed.

"With this joint venture, we hope to provide consumer entertainment on-air, online and on the go," says Philippe Dauman, president and chief executive officer, Viacom. He hails the India market as being on top of their priority list and is bullish on enlarging their business through this partnership.

Raghav Bahl, MD,
TV18 Group
Meanwhile, Raghav Bahl, managing director, TV18 Group, is poised to make an entry into the entertainment space. "Viacom-18 will propel the TV18 Group into the league of a diversified and broadbased media company," he says.

Viacom is said to have been scouting for a partner for this venture for quite some time and is believed to have entered into talks with almost all broadcasters in the country, before shaking hands with the 'perfect fit', the TV18 Group.

2007 agencyfaqs!

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