Company will pay $50 million for share

The Indian government has greenlit the sale of a 50% stake in MTV India to the TV 18 Group.

Deal is part of the alliance, unveiled in May, between MTV owner Viacom and Indian conglom TV18, but the MTVI sale was not disclosed at the time.

Through a Mauritius-based offshoot, TV18 will pay a reported $50 million for the stake. Channel also will make royalty payments to Viacom of 2% of its net Indian revenues.

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