TV18 Broadcast surges on strategic JV with Viacom18

TV18 Broadcast has surged 8% to Rs 20.35 on reports that the media firm along with Viacom18 Media will form a joint venture (JV) -- IndiaCast -- for distribution of TV channels.

“All content assets of the two media houses will be consolidated for monetization across all media in India and abroad,” TV18 said in a filing to the stock exchange.

A subsidiary of the Network18 Group, TV18 Broadcast Ltd's portfolio includes channels like CNBC-TV18, CNN-IBN, IBN7, IBN-Lokmat and CNBC Awaaz.

Viacom18 Media Pvt Ltd, a 50:50 joint venture between Viacom Inc and TV18, operates seven general entertainment channels including MTV, Nickelodeon, Colors, Comedy Central and Vh1.

 

The stock opened at Rs 19.50 and hit a high of Rs 20.60 on the National Stock Exchange. A combined 574,523 shares have changed hands on the counter so far, against an average around 370,000 shares that were traded daily in past two weeks.