| Indian television group joins hand with Viacom |
MUMBAI, May 22 (Xinhua) -- United States-headquartered Viacom Inc and the Indian TV18 Group on Tuesday announced the creation of a new 50-50 joint venture, called Viacom-18, news website ibnlive.com reported here Tuesday.
The strategic alliance will include television, film and digital media content across numerous brands to build India's leading multi-platform entertainment company.
The partnership was announced on Tuesday at a press conference in Mumbai by Philippe Dauman, President and Chief Executive Officer of Viacom, and Raghav Bahl, Managing Director of the TV18 Group.
As part of the agreement, Viacom-18 will launch a new Hindi general entertainment cable and satellite channel in India within the next year. It will include original and locally produced programming and acquisitions.
MTV Networks (MTVN), a unit of Viacom, will contribute its successful local networks -- MTV, Vh1 and Nickelodeon India -- to the joint venture.
Viacom-18 will also launch a further suite of targeted channels in the future from the MTV Networks portfolio, as well as new brands.
The TV18 Group will contribute its Motion Pictures division operation to the joint venture, which produces, acquires and distributes Hindi films.
Additional cooperation in the Indian market beyond this alliance includes joint ownership of the management company for The Indian Film Company, which is in the process of being listed on the Alternative Investment Market (AIM) of the London Stock Exchange.
In the coming months, Viacom's Paramount Pictures and Dream Works studios will explore additional opportunities for collaboration with Viacom-18.
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