Reliance Broadcast Network (RBNL) and CBS Studios International have decided to end their joint venture three years after it was formed.
An official statement said, “Reviewing its portfolio of niche English channels and the JV with CBS Studios International, Reliance Television (a wholly-owned subsidiary of Reliance Broadcast Network) and CBS Studios International have mutually decided to dissolve their joint venture.”
As per media reports, the reason behind dissolving the venture is the low risk for CBS to explore operating network in India. Besides, CBS was finding it difficult to penetrate the niche market.
It may be recalled that RBNL had entered into the joint venture with CBS Studios International in August 2010. The equally-owned joint venture launched three channels in the country – general entertainment channel Big CBS Prime; Big CBS Love, offered as India’s first-ever English entertainment channel for women; and youth channel Big CBS Spark.
Speaking on the condition of anonymity, a senior official of RBNL told exchange4media, “These channels are shutting down as the joint venture is off. We are increasing our regional focus now.”
The company statement added, “Reliance Broadcast reorganises and recasts strategy for its broadcast portfolio, with increased focus on local and original content, along with IPs. The priority being flagship brands Big FM, Hindi GEC Big Magic and regional foray with Big Magic Bihar and Jharkhand in the high potential media dark states, which offer greater scale and profitability.”
Radio continues to be the growth driver and will further benefit from the upcoming Phase 3 FM radio auctions.