Reliance to buy Turner’s Showbiz

Hindi music channel valued in $3 mil-$5 mil range

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.

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