Mumbai: Anil Ambani's Reliance Media World will form an equal joint venture with iconic American media company CBS Corporation to launch a potentially disruptive network of television channels under the brand BIG CBS, a report in Economic Times said. The companies have reached an agreement on the JV and an announcement is expected to be made this week.
There is no restriction on foreign investment in TV channels, except in news. Reliance Media World is a Mumbai-listed company belonging to the Anil Dhirubhai Ambani Group (ADAG).
The joint venture will start operations from January next year and will launch a slew of channels, starting with those featuring syndicated content from CBS, which owns several hit shows such as NCIS, The Young and the Restless, CSI and America's Top Model, as well as sitcoms such as Two and a Half Men.
The JV will eventually enter the Hindi general entertainment space, which corners most of the television ad revenues. The company will launch movie channels as well as regional entertainment channels, but won't enter the news space, the report said.
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