MUMBAI — India’s Reliance Broadcast Network is to acquire Turner’s Hindi-language Bollywood music channel Imagine Showbiz.
As a first step, Turner has sold its 51% stake in Showbiz to its joint-venture partner Cinestar Advertising, which held the remaining 49%. Cinestar will then sell Showbiz to Reliance. Financial details for the deal were not disclosed, although industry estimates value it in the $3 million to $5 million range.
Showbiz was launched in 2008 and has struggled to make headway in India’s crowded music channel marketplace.
Last year, Reliance launched three English-language channels in partnership with CBS called Big CBS.
Turner’s Hindi-language focus will now solely be on its channel Imagine TV.