Reliance Broadcast Network, a subsidiary of the family-owned Reliance Anil Dhirubhai Ambani group, announced yesterday it has signed an initial agreement to form a joint venture with US-based CBS Studios International to launch a set of TV channels in India.
This venture is a first for both companies as they attempt to access the growing TV market in the region.
They would initially provide English language entertainment channels, according to Reliance Broadcast, and will explore adding regional language channels in the future. The joint venture company would be incorporated in India and both Reliance Broadcast and CBS would have a 50% equity interest.
CBS Studios International is a subsidiary of the entertainment giant CBS Corp, in which family-head Sumner Redstone holds a controlling stake through his family business National Amusements.
Reliance ADA is the business empire of Anil Ambani (pictured), 50, one of India's most successful businessmen, who inherited the Reliance empire along with his brother Mukesh, 53, when their father died in 2002. However, due to ongoing disagreements the competitive brothers split the business into two separate conglomerates in 2005, but this did not stop the public feuds. (Continue reading here)
Last month saw the world's richest siblings scrap their non-competition agreements, signed as part of the 2005 split, as they attempt to focus on their business issues and not each other. (Continue reading here)
Second-generation Redstone is also renown for his public courtroom battles; most recently he was taken to court by his nephew, Michael Redstone, who claimed he was owed millions of dollars from the family business. (Continue reading here)
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