The joint venture will be held between IndiaCast, the TV18 and Viacom 18's multi-platform distribution company and UGBL, a Disney UTV group company, wherein IndiaCast will hold a 74 per cent stake. The JV will become operational after necessary regulatory approvals and will provide 35 channels from the TV18, Viacom18, Disney UTV, A+E Networks | TV18 and Eenadu channels to cable, DTH and HITS platforms in India.
Anuj Gandhi, currently CEO, IndiaCast, will be the chief executive officer of the new entity.
Gandhi says, "This partnership will build a strong distribution company that will offer a broader and more diversified range to platforms giving us a foothold across genres - including in general entertainment, general and business news, movies, youth and kids genres. We have had a great first year for IndiaCast and this JV will give our domestic distribution business scale and wider reach."
"There are some clear and unique synergies in this partnership. The new bouquet is a more comprehensive offering from the viewer's perspective that gives the combined entity an edge in the marketplace", says M K Anand, managing director, Media Networks, Disney UTV.
IndiaCast will move its domestic distribution business into this new venture, while continuing to manage its other content monetization businesses which includes the international distribution, ad sales and content sales business, as well as new media distribution for TV 18, Viacom 18, A+E Networks | TV18 and Eenadu channels.
Disney UTV will also move its domestic distribution activities for its bouquet of all nine channels to the new entity.