Anil Ambani Group firm Reliance Broadcast Network (RBS) today surged 5 per cent in early trade on BSE after the company announced to form an equal joint venture with US media conglomerate CBS Corp to own and operate TV channels.
Shares of Reliance Broadcast Network (earlier known as Reliance Media World Ltd) climbed 4.99 per cent to hit the upper circuit at Rs 79.85 a piece on the Bombay Stock Exchange. The scrip surged to a high of Rs 79.80, up 5 per cent, on the National Stock Exchange.
Reliance Broadcast Network in a June 19 letter to the bourses had announced to form a 50:50 joint venture with CBS Studios International, a wholly-owned subsidiary of CBS Corp, for the purpose of owing and/or operating a portfolio of television channels.
As currently proposed, the joint venture would include certain programming rights across the countries of India, Nepal, Bhutan, Sri Lanka, Bangladesh, the Maldives and Pakistan for now.
The joint venture will initially broadcast English language general entertainment channels and will explore Hindi and regional language general entertainment channels in the next phase.
