The Anil Ambani-led Reliance Broadcast Network (RBN) has finally announced that it proposes to enter into an equal JV partnership with US-based media firm CBS Studios International, a wholly owned subsidiary of CBS Corporation (CBS), a source said.
The deal will help RBN, formerly known as Reliance Media World, to foray into the television segment by owning and operating a portfolio of television channels.
“We have only signed a non-binding term sheet for the JV and will be closing the deal by the end of this month. It is a 50:50 joint venture between us (RBN) and CBS,” a top RBN official said.
With RBN’s multi-media presence and integrated sales offerings, combined with the content muscle of CBS Corp, BIG CBS stands to bite into a sizable slice of India’s television industry, the official added.
“With this, RBN will initially run English language general entertainment channels. Later, they will expl-ore owning and/or operating Hindi and other regional languages,” he said adding it will also include certain programming rights across India, Nepal, Bhutan, Sri Lanka, Bangladesh, Maldives and Pakistan at present.
The joint venture company would be a limited liability company incorporated in India.