Reliance Broadcast forms joint venture with CBS

Mumbai : Anil Dhirubhai Ambani Group firm Reliance Broadcast Network (RBN) Wednesday said it has formed a joint venture with US media company CBS to launch television channels in South Asia.

“Reliance Broadcast Network Limited has successfully completed its final negotiations with CBS Studios Inc, a division of CBS Corporation, and executed the joint venture agreement in connection with owning and operating, a portfolio of television channels,” Reliance Media World said in a regulatory filing.

Reliance Media World, renamed Reliance Broadcast Network, operates India’s largest radio network (92.7 Big FM).

The 50:50 joint venture will beam these channels to India, Nepal, Bhutan, Sri Lanka, Bangladesh, the Maldives and Pakistan.

The joint venture will start with the creation of three new television channels.

“The channels will be English entertainment channels, customized for the Indian market offering audiences immediate access to new and current CBS programmes, including some of the most popular television programmes in the world,” the statement added.

The Reliance Media World scrip touched an intra-day high of Rs.81.10, up 4.5 percent from its previous close at Rs.77.60. It was ruling around Rs.80, an hour before closing bell.

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