Reliance Broadcast Network Ltd (RBNL) owner Anil Ambani is set to buy out the struggling Bollywood music channel, Imagine Showbiz from the Turner stable.
The entertainment channel launched in August 2008 as a joint venture with NDTV Group holding 51 per cent and Cinestar Advertising having the remaining 49 per cent. But when NDTV sold its stake in NDTV Imagine Ltd (which also has Hindi GEC Imagine TV) to Turner, the channel changed ownership.
This acqusition for Reliance will pave its way into the Hindi broadcasting space. RBNL already has a joint venture with media conglomerate CBS India to initially roll out three English entertainment channels. Big CBS Prime, the first of the gang of three, is up and running since late November.
Reliance Broadcast Network spokesperson refused to comment. Imagine CEO Sameer Nair also declined to comment.
An official announcement on this deal is expected soon.