Reliance Industries Limited-owned Viacom Inc. today announced the acquisition of a 50 percent stake in Prism TV Private Limited for 9.4 billion rupees (Approximately USD 153 million).
Prism TV Private Limited owns and operates several regional entertainment channels in India, including ETV Marathi, ETV Kannada, ETV Bangla, ETV Oriya and ETV Gujarati, all of which were recently rebranded under the Colors umbrella.
Nickelodeon Asia Holdings Pte Ltd., a wholly-owned subsidiary of Viacom Inc. and Shinano Retail Private Limited, a 100 percent Reliance Industrial Investments and Holdings Limited -owned company completed the transaction today.
The balance 50 percent of Prism TV Private Limited will be owned by the Network18 Group, Viacom's partner in the Viacom18 joint venture.
Viacom18 is the fastest growing entertainment network in India, operating ten channels.
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Phillipe Dauman, President and CEO of Viacom, said he was thrilled about the company expanding its presence in India, which was one of the fastest growing television markets in the world.
He described the regional acquisition as an effort to establish Viacom's leadership position in India.
A.P. Parigi, Group CEO Network18, said the deal strengthens the partnership between his company and Viacom, both in depth and breadth, and predicted that India would soon be regarded as global entertainment powerhouse.
