TV18 to increase stake in Viacom18

TV18 will take operational control in Viacom18 after it upped its stake to 51%.

In an announcement made today, TV18 will acquire a further 1 per cent stake of Viacom18’s equity from Viacom for a cash proposition of USD 20 million. The content licence agreement between Viacom and Viacom18 has also been extended by 10 years.

Adil Zainulbhai, Chairman, Network18 said, “The transaction further enables our vision for Viacom18 to accentuate its focus on excellence and integration in the broadcast and digital space. The entertainment powerhouse continues to be bolstered by Viacom’s global expertise in content creation and curation, along with Network18 group and affiliates’ strength across the media & telecom value-chain.”

“Viacom 18 is one of the fastest growing companies in India’s dynamic media and technology sector and, as a result of this transaction, we believe it will be even better-positioned for accelerated growth through closer integration and alignment with the Network 18 Group and its affiliates, including India’s fastest growing mobile network, Jio. Viacom remains strongly committed to our Viacom 18 joint venture with the Network 18 Group and we are retaining the vast majority of our ownership stake in the company. We’re delighted to extend our licencing deal with Viacom 18 and see clear potential to expand it in live events and recreation, in line with our growing global presence in these lines of business,” said David Lynn, CEO, Viacom International Media Networks.