×

Viacom to pay $153 Million for 50% of India’s Prism TV

Viacom International Media Networks has agreed to buy a half stake in Indian regional broadcast group Prism TV.

The company owns and operates regional entertainment channels in India, including ETV Marathi, ETV Kannada, ETV Bangla, ETV Oriya and ETV Gujarati, all of which were recently rebranded under the ‘Colors’ umbrella.

The deal was struck between Nickelodeon Asia Holdings, and Shinano Retail, a company effectively 100% owned by Reliance Industrial Investments and Holdings Limited, a wholly owned subsidiary of Mukesh Ambani’s Reliance Industries Limited.

The remaining 50% interest will continue to be owned by the Network18 Group, Viacom’s partner in the Viacom18 joint venture in India. Viacom18 operates 10 channels including MTV, Nickelodeon, Comedy Central and Colors.

The deal, which already received clearance from India’s Foreign Investment Promotion Board earlier this month, gives Viacom a greater presence in the fast-growing regional TV sector in India. This is the second largest broadcast segment in the country behind Hindi-language general entertainment channels, such as Colors.

“This acquisition is an important step in building on our leadership position in India, a key market in Viacom’s international growth strategy,” said Philippe Dauman, president and CEO of Viacom.

“This acquisition by Viacom International Media Networks further strengthens the partnership with Network18 both in terms of depth and breadth. I am confident India will emerge as a global entertainment powerhouse in the year ahead,” said A P Parigi, Group CEO Network18.

“This acquisition is a big milestone for Viacom and Network 18 and it showcases their combined conviction to build a powerful broadcast offering for the Indian market,” said Sudhanshu Vats, Group CEO Viacom18.

More Biz

  • Grammy Awards 60th Annual Grammy Awards,

    Recording Academy Paid Millions Annually to Outside Law Firms

    Among the concerns listed in a memo sent to the Recording Academy’s head of HR by president/CEO Deborah Dugan before she was placed on administrative leave Thursday was an item about the organization’s “exorbitant and unnecessary” legal fees to outside law firms, according to sources familiar with the document. According to the most recent 990 [...]

  • Chuck D of Public EnemyGods of

    Public Enemy’s Chuck D Slams Grammys Over Deborah Dugan Ouster

    Chuck D, frontman of Public Enemy — who are receiving the Lifetime Achievement Awards at the Grammys next week — posted a long statement on Instagram criticizing the Recording Academy over its sudden ousting of new president/CEO Deborah Dugan yesterday. Dugan, who had been in the job only five months, was placed on administrative leave after [...]

  • Any Given Wednesday With Bill Simmons

    Spotify in Talks to Acquire Bill Simmons' The Ringer: Report

    Spotify is in early talks to acquire The Ringer, the digital content and podcast network launched by ESPN alum Bill Simmons in 2016, according to a report in the Wall Street Journal. A representative for Spotify declined to comment on the report. Reps for Ringer did not immediately respond to a request for comment. Spotify’s [...]

  • Deborah Dugan arrives for the 20th

    Deborah Dugan's Recording Academy Ouster Follows Multiple Tussles With Board

    “Change is afoot,” Deborah Dugan said more than once during interviews with Variety in the weeks before her shocking removal from her post as president/CEO of the Recording Academy after just five months on the job. During those conversations, Dugan spoke of changes she planned to make in the Academy’s staffing organization, its Board of [...]

  • Weinstein Trial

    Does Harvey Weinstein's Jury Selection Strategy Make Any Sense?

    Harvey Weinstein’s defense team appeared to have a strategy for jury selection: keep white women off the panel. They didn’t put it that way, because picking jurors based on race or gender is illegal. But on Thursday and again on Friday, prosecutor Joan Illuzzi accused the defense of using its peremptory challenges to systematically exclude [...]

  • Bob Iger

    Bob Iger's Disney Compensation Drops to $47.5 Million in 2019

    Disney chief Bob Iger saw his compensation for 2019 drop to $47.5 million, a 28% decline from his 2018 pay package. Disney’s leader earned $3 million in salary and a $21.8 million bonus, plus another $10 million in stock awards and $9.6 million in stock options, Disney disclosed in the company’s annual proxy filing with [...]

  • Peter Chernin'Spies in Disguise' film premiere,

    Disney and Chernin Entertainment Parting Ways (EXCLUSIVE)

    Disney and Peter Chernin are ending Chernin Entertainment’s long-standing film production deal with 20th Century Fox (recently rebranded to 20th Century Studios), Variety has learned. The split was a mutual and amicable one, driven by the simple fact that Disney rarely brings on third-party partners to finance its feature films. “I have nothing but praise for [...]

More From Our Brands

Access exclusive content