TV18, Viacom plan Rs 500 cr JV

Media conglomerate TV18 group is likely to sign an agreement with US entertainment major Viacom to float a general entertainment joint venture.

The 50:50 venture is likely to be signed on Tuesday during the visit of Viacom CEO and President Phillipe P Dauman, who is arriving in India late on Monday, industry sources said.

The JV is likely to invest about Rs 500 crore (Rs 5 billion) and Viacom's popular music channel MTV in India is understood to be transferred to the joint venture, the sources said.

When contacted, TV18 Group officials declined to either confirm or deny the move.

The planned JV between Viacom, which has channels like VH1 and Nickledeon, and TV18, one of India's major electronic media groups running business news channels and a Web site, comes at a time when television entertainment sector in India is witnessing a churn.

Recently, NDTV had announced plans to float lifestyle and entertainment channels with ex-Star India chief Samir Nair joining hands with the Prannoy Roy-promoted group to head NDTV Imagine.

Peter Mukherjea, the man behind Star TV's rise in India, had also quit the channel to start his own venture together with wife Indrani to start a news and entertainment channel.

Viacom also owns Country Music Television, Spike TV and more than 120 networks around the world. It is also one of the leading creators of programming and content having media platforms such as Paramount Pictures and Paramount Home Entertainment.