RTL Group SA and RTL Group Beheer BV, part of Bertelsmann AG, has got the green signal from the Foreign Investment Promotion Board (FIPB) for its proposed FDI for its television joint venture with Reliance Broadcast Network Ltd (RBNL) (through its subsidiary/ies).
Big Showbiz Broadcast Ltd (formerly known as Imagine Showbiz Ltd), the proposed joint venture company between RBNL (through its subsidiary) and RTL Group, had applied for FIPB approval, and the Board at its meeting held on July 6, 2011, approved the proposal of foreign direct investment by RTL Group up to an extent of 50 per cent of the post-issue share capital of Big Showbiz, which is currently engaged in uplinking and downlinking of non-news and current affairs television channels.
The JV company proposes to launch two thematic television channels in India, which are scheduled to be launched by the end of this fiscal, where both partners will invest in equal amounts.
The JV plans to leverage RTL Group’s production arm – Fremantle – to deliver cutting edge global entertainment formats, aimed at the international entertainment seeking, discerning Indian audience. With this launch, RBNL will fortify its presence in the television business with a repertoire of six television channels, while offering Indian audiences a vast canvass of international content from both CBS and RTL Group.