India’s Reliance Broadcast signs TV deal with CBS for South Asia

General Manager - Port Investment Services at HIPG, Justin Zhang with Sri Lanka's Ambassador to China, Dr. Palitha Kohona in Beijing

NEW DELHI, June 20, 2010 (AFP) – India’s Reliance Broadcast Network, part of the Anil Dhirubhai Ambani group, has signed a deal with the US-based CBS network to launch TV channels across south Asia, the company said Sunday. The two companies will first launch English-language entertainment channels and at a later stage explore channels in Hindi and other regional languages, it said in a press statement.

“As currently proposed, the joint venture would include certain programming rights across the countries of India, Nepal, Bhutan, Sri Lanka, Bangladesh, the Maldives and Pakistan for now,” it said.

RBN and CBS will have equal 50 percent equity interest in the joint venture, but no other figures were available on the deal. “The agreement is subject to customary diligence, negotiation and execution of a definitive documentation, which are presently under way,” it said, adding it planned to complete the process in a month.