In a strategic move to enter the television broadcasting space, Anil Ambani Group firm Reliance Broadcast Network Ltd will form an equal joint venture with US media conglomerate CBS Corp to own and operate TV channels.
RBN, previously known as Reliance Media World Ltd, will form a 50:50 joint venture with CBS Studios International, a wholly owned subsidiary of CBS Corp for the purpose of owing and/or operating a portfolio of television channels.
With RBN's multi-media presence and integrated sales offerings, combined with the content muscle of CBS Corp, BIG CBS stands to bite into a sizable slice of India's burgeoning television industry. RBN and CBS will have equal 50 per cent equity interest in the joint venture.
RBN operates India's largest radio network (92.7 BIG FM) and is into outdoor, promotions and events. CBS Corp's television network is America's No. 1 broadcast network. CBS has developed some of America's biggest hit shows like CSI, NSIC, America's Next Top Model and The Oprah Winfrey Show.