Reliance Broadcast Network will acquire Imagine Showbiz Limited (ISL) from Cinestar advertising for an undisclosed sum. "The proposed acquisition will include a 100 per cent purchase of ISL's shareholding along with other assets," Reliance Broadcast Network said in a statement.
As part of the acquisition, the company will be buying out ISL's intellectual property rights, music library, Bollywood content technical expertise and its distribution network, it added.
"This proposed acquisition is in line with the overall strategy to create ownership of multimedia consumer touch points. It will further strengthen our television portfolio from English space into the Hindi entertainment space," Reliance Broadcast Network Chief Executive Officer Tarun Katial said.
The company said the acquisition will fit into its overall business strategy, leveraging synergies with its radio arm -- 92.7 BIG FM, its intellectual property arm - BIG Live and its integrated sales offering through BIG Connect.
"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," Katial added.
RBNL is a part of the Anil Ambani-led Reliance Group, which operates in spaces of radio, experimental marketing, out of home and digital among others.
The company recently forayed into the television space through a joint venture with US- based television broadcaster CBS Studios International.
