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Viacom grabs 50% of Indian net

Viacom has increased its presence in India by taking a 50% stake in regional channels network Prism TV for 9.4bn rupees (US$153m).

Viacom president and CEO Philippe Dauman

Viacom president and
CEO Philippe Dauman

Prism TV owns and operates regional entertainment channels in India including ETV Marathi, ETV Kannada, ETV Bangla, ETV Oriya and ETV Gujarati.

The remaining 50% of Prism will continue to be owned by the Network18 Group, Viacom’s partner in the Viacom18 joint venture.

The latter includes channels such as MTV India, Nickelodeon India and Hindi general entertainment brand Colors and was set up in 2007 to give Viacom a foothold in the country.

Almost 60% of the Indian population of more than 1.2 billion people speak regional dialects as their first language, meaning the regional TV sector is growing at a rapid pace, Viacom said.

Collectively, regional TV stations account for the second largest share of viewing in the Indian market, behind only Hindi general entertainment channels, Viacom added.

Philippe Dauman, president and CEO of Viacom, said: “We’re thrilled to be broadening our presence in one of the largest and fastest-growing TV markets in the world, and deepening our already strong partnership with Network18.

“This acquisition is an important step in building on our leadership position in India, a key market in Viacom’s international growth strategy.”

Network18 group CEO A P Parigi said: “This acquisition by Viacom International Media Networks (VIMN) further strengthens the partnership with Network18 both in terms of depth and breadth. I am confident India will emerge as a global entertainment powerhouse in the year ahead.”

Bob Bakish, president and CEO of VIMN, added: “Regional TV networks – and regional ad markets – are the next wave of growth in India. Having a strong national and broad regional presence gives us a powerful platform to launch additional brands and introduce successful franchises and formats across India.”

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