Reliance Broadcast Network Ltd (RBNL) has confirmed their proposed acquisition of Imagine Showbiz, Turner’s Hindi music channel, through a buy-out from Cinestar Advertising Pvt Ltd (CAPL).
Imagine Showbiz was originally launched in August 2008 as part of the NDTV group of channels as a joint venture with Cinestar Advertising. After Turner’s takeover, Imagine Showbiz changed hands, with Turner holding a stake of 51 per cent. After this change in ownership, Turner’s Hindi general entertainment channel, Imagine TV, will be their prime focus and offering in the general entertainment space.
The proposed acquisition by RBNL will include a 100 per cent purchase of ISL’s shareholding, along with other assets, including intellectual property rights, music library, Bollywood content, technical expertise, including studios and equipment and the existing distribution network.
RBNL currently has play in the spaces of radio, experiential marketing, out of home and digital, and specialises in creating and executing integrated solutions for clients across the country. Its latest business venture marks the Reliance ADA Group’s entry into television, through its 50:50 JV with America’s leading media house, CBS Corporation.
This acquisition will fit into RBNL’s overall business strategy, leveraging excellent synergies with its radio arm – 92.7 BIG FM, its intellectual property arm – BIG Live, and its integrated sales offering through BIG Connect. The acquisition will be done through RBNL’s wholly owned subsidiary Reliance Television Pvt Ltd.
RBNL is a multi-media entity with presence across the verticals of radio, out of home, experiential marketing, digital, and has recently made its foray into the television industry through its momentous joint venture with US’ No. 1 television broadcaster, CBS Studios International. The company has significant plans of further strengthening its television business and this takeover is a strategic move in that direction.
In an official statement, Tarun Katial, Chief Executive Officer, Reliance Broadcast Network Ltd, said, “This proposed acquisition is in line with the overall strategy to create ownership of multi-media consumer touch-points. It will further strengthen our television portfolio, from the English space into the Hindi entertainment space. 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. We are confident of building the channel into a robust entertainment option with novel programming enhancements, while offering an exciting platform for marketers.”