Last updated : May 23, 2007
Viacom and TV18
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.
and CEO, Viacom
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.
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!First Published : May 23, 2007