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Reliance Broadcast, CBS tie up for TV venture

While his elder brother Mukesh pushes ahead in the power sector, Anil Ambani is blazing forward in the media industry. The Anil Dhirubhai Ambani Group said on Sunday it is set to launch television channels in a big way through a joint venture with US-based CBS Corporation. No investment figures were mentioned.

business Updated: Jun 20, 2010 22:47 IST
HT Correspondent
HT Correspondent
Hindustan Times
Hindustantimes
         

While his elder brother Mukesh pushes ahead in the power sector, Anil Ambani is blazing forward in the media industry. The Anil Dhirubhai Ambani Group (ADAG) said on Sunday it is set to launch television channels in a big way through a joint venture with US-based CBS Corporation. No investment figures were mentioned.

Reliance Broadcast Network Ltd (RBNL), a multi-media entity of ADAG, has signed an initial agreement for an equal joint venture with CBS Corp to own and operate TV channels.

“CBS and RBNL (through its subsidiary) shall have a 50 per cent equity interest in the Joint Venture,” said a press statement issued by ADAG. “Initially, the JV will include English general entertainment channels. The joint venture shall thereafter explore the option of launching Hindi and regional language general entertainment channels.”

First Published: Jun 20, 2010 22:45 IST