Reliance Broadcast Network Ltd (RBNL) has confirmed its proposed acquisition of Imagine Showbiz, Turner’s Hindi music channel through a buyout from Cinestar Advertising Pvt Ltd (CAPL).
The Turner General Entertainment Networks India Pvt. channel showcases new and old Bollywood music. Imagine Showbiz was originally launched in August 2008 as a part of the NDTV group of channels as a joint venture with Cinestar Advertising. After Turner۪s takeover, Imagine Showbiz changed hands, with Turner holding a stake of 51 per cent. After this change in ownership, Turner۪s Hindi general entertainment channel, Imagine TV will be their prime focus and offering in the general entertainment space.
RBNL proposed acquisition by RBNL will include a 100% purchase of ISL۪s shareholding, along with other assets including intellectual property rights, music library, Bollywood content, technical expertise, including studios and equipment and the existing distribution network.
This acquisition will fit into the overall media business strategy of RBNL, leveraging excellent synergies with its radio arm 92.7 BIG FM, its Intellectual Property arm BIG Live and its integrated sales offering through BIG Connect. The acquisition will be done through RBNL۪s wholly owned subsidiary Reliance Television Pvt. Ltd.
Speaking on the occasion, Tarun Katial, Chief Executive Officer, Reliance Broadcast Network Ltd. said, “This proposed acquisition is in line with the overall strategy to create ownership of multi-media consumer touch-points. It will further strengthen our television portfolio, from the English space into the Hindi entertainment space. This business deal seems a natural choice, given the seamless business fit, spanning across our verticals of radio, intellectual properties and digital along with the Group synergies. We are confident of building the Channel into a robust entertainment option with novel programming enhancements, while offering an exciting platform for marketers.”