Business Daily from THE HINDU group of publications
Wednesday, November 7, 2007
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Business Daily from THE HINDU group of publications Wednesday, November 7, 2007 |
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News Update as at 18.00 hrs (IST)
Corporate Viacom In, Network18 form jt venture in India MUMBAI: US-based entertainment content provider Viacom and media conglomerate Network18 on Wednesday announced the completion of formalities towards the formation of their 50:50 joint venture in India. As per the transaction structure, BK Holding Mauritius Ltd, a wholly-owned TV18 subsidiary, would infuse $50.50 million into the joint venture company Viacom18. Additionally, Global Broadcast News (GBN), would infuse $40 million over the next three years . GBN has acquired warrants convertible into equity shares of the company. It has also entered into an option agreement as per which GBN would be able to acquire the entire shareholding of BK Holding Mauritius from TVI8's subsidiary. Upon the excercise of this option, GBN's shareholding (including indirect holding) in Viacom 18 would aggregate to 50 per cent. "Viacom's inherent creativity and Network18's operational excellence make a potent combination that places Viacom18 in an enviable position in the Indian entertainment space, to entertain India's burgeoning film and television audiences,'' Network18 Mana ging Director Raghav Bahl said. Viacom18 would be managed by a six-member board with equal representation by Viacom and Network18. - PTI
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