The U.S.-based media firm Viacom Inc on Friday acquired 50 per cent stake in Prism TV — an entity of Reliance Industries-owned Network18 Group — which owns and operates regional entertainment channels in India, including ETV Marathi and ETV Gujarati, for Rs.940 crore.
The transaction was done through Viacom’s subsidiary Nickelodeon Asia Holding PTE and Shinano Retail Pvt. Ltd., a 100 per cent firm owned by Reliance Industrial Investments and Holdings Ltd.
“The parties received clearance from India’s Foreign Investment Promotion Board earlier this month,” Viacom said in a statement. Reliance Industrial Investments and Holdings Ltd. is a wholly-owned subsidiary of Reliance Industries Ltd.
Post-acquisition, Viacom Inc. will hold 50 per cent of Prism TV and the remaining will continue to be owned by Network18 Group, Viacom’s partner in the Viacom18 joint venture. The deal gives Viacom a significant presence in the fast growing regional TV sector in India.
