MUMBAI, November 7: Viacom and Network18, through its subsidiary Global Broadcast News, have completed the formalities leading to the formation of their 50-50 joint venture in India, Viacom 18 Media.
The companies announced their plans for the joint venture in May. Viacom18 will include television, film and digital media content across numerous brands as well as consumer products. Viacom18 will be managed by a six-member board with equal representation by Viacom and Network18.
The venture plans to launch a new Hindi-language general entertainment channel that will consist of original, locally produced programming, acquisitions and content from Viacom-owned MTV Networks. The joint venture will operate the local networks MTV, VH1 and Nickelodeon India. In the future, Viacom18 will also launch a suite of niche channels from the MTV Networks portfolio, as well as new brands. Digital media content across all the television brands will be developed and distributed to Indian consumers. The joint venture will also syndicate MTVN programming and newly produced content. Studio18, the motion pictures division of Network18, is also an integral part of Viacom18 and it will continue to produce, acquire and distribute Hindi-language films.
Robert Bakish, the president of MTV Networks International and chairman of the board of Viacom 18 Media, commented: “This joint venture reinforces our long-term commitment to the Indian market. We look forward to expanding our presence in India with our new partners and are dedicated to providing local audiences with high quality entertainment that is reflective of their culture and the world around them across every screen and for every demographic.”
Raghav Bahl, the managing director of Network18, added: "This is a momentous day that marks the foray of Network18 into the multiplatform entertainment space in India. 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."
Through its holding in Television Eighteen India (TV18), Network18 operates the Indian business news television channels CNBC TV18 and CNBC Awaaz and Indian real-time news terminal provider Newswire 18. It also runs the Internet company Web18, including moneycontrol.com, which provides financial news and information and ibnlive.com, offering general Indian news and information. Through its holding in Global Broadcast News (GBN), Network18 operates in the general news space with news channels CNN-IBN and IBN 7. Additionally, Network18 holds the group's online and on-air retail venture, Homeshop18, and its filmed entertainment business, Studio 18.
