Business News
India's Reliance, CBS to launch television channels in South Asia
Jun 20, 2010, 14:05 GMT
New Delhi - India's Reliance Broadcast Network plans to form a joint venture with US-based CBS Corp to own and operate television channels across South Asia, news reports said Sunday.
Reliance Broadcast Network, a wing of Anil Dhirubhai Ambani Group, would form a joint venture with CBS Studios International, a wholly- owned subsidiary of CBS Corp, the Business Standard newspaper reported.
The purpose of the joint venture was for owning and operating a portfolio of television channels, the company informed India's stock exchanges on Saturday, the report said.
'As currently proposed, the joint venture would include certain programming rights across the countries of India, Nepal, Bhutan, Sri Lanka, Bangladesh, the Maldives and Pakistan for now,' the company said in its letter to the stock exchanges.
The two companies would hold equal equity in the joint venture, the letter said, adding that they had signed Saturday a preliminary, non-binding agreement and hoped the required procedures would be completed in a month.
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